As long as the number of unemployed continue to rise, the economy will continue to contract. Retail sales will fall and corporate profits as well.-Lou
Americans receiving jobless benefits hits record
WASHINGTON: The number of people receiving unemployment benefits has reached an all-time record, the government said Thursday, and more layoffs are spreading throughout the economy.
The Labor Department reported that the number of Americans continuing to claim unemployment insurance for the week ending Jan. 17 was a seasonally adjusted 4.78 million, the highest on records dating back to 1967. That's an increase of 159,000 from the previous week and worse than economists' expectations of 4.65 million.
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http://www.iht.com/articles/ap/2009/01/29/america/NA-US-Economy.php
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