How many will Americans to be laid-off or go jobless? Facing another Great Depression?

January 30th, 2009 - 12:06 pm ICT by Amrit Rashmisrisethi  

In the United States, the joblessness set up a new record at the peak in mid-January, while new orders for durable goods fell for a fifth straight month in December, data showed on Thursday, underscoring the deepening economic malaise.

The latest batch of grim data fanned worries that the year-long recession, triggered by the collapse of the US housing market, could be the worst economic slump since the Great Depression of the 1930s.

The Labour Department states that this season was the highest reading since its records on this series began in 1967. Analysts had expected continued claims to be 4.65 million.

The claims for the state unemployment insurance benefits increased to a seasonally adjusted 588,000 last week from a revised 585,000 the prior week.

US equity index futures added to losses after jobless claims and durable goods orders data. US Treasury debt prices were little changed, while the dollar extended losses versus yen.

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