The latest employment figures from the United States make grim reading.
Over half a million people lost their jobs in Nov and unemployment is at its highest rate since the days of Richard Nixon.6.7% of people are now on the dole and Nov was the 11th successive month that the figures have risen.
In the last six months over one and a half million peple have lost their jobs in the States.
The New York Times reports
“We have gone from recession into something that looks more like collapse,” said Ian Shepherdson, chief domestic economist at High Frequency Economics, referring to the accelerating job losses in recent months.
More worryng is that 70% of the losses came in the retail hotel and restaurant sectors.
The news that the world's largest economy is plummeting into recession pushed oil prices to a new low,prices are 70% down from the July peak
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