Job losses are rising in the US, as recession deepens
President-elect Barack Obama said yesterday: “There are no quick or easy fixes to this crisis, which has been many years in the making, and it’s likely to get worse before it gets better“.
Situation continues to get worse in the US, as the unemployment rate rose to 6.7 percent, the highest since 1993. And this is just the beginning.
Consumer confidence is shrinking at a fast pace, and people are buying less, even if prices are continuing to fall.
US automakers have a very hard time surviving, as last month’s sales dropped the most in 26 years.
Deflation is in the air, as consumers stop buying like crazy and sellers take a hard hit.
The Fed is looking for new means to boost the economy, as the interest rate is close to zero.
It’s a hard time for the United States, and I would look for the yen to get stronger and stronger in the long-term, as the dollar weakens. The yen is probably the strongest currency of this recession and it will probably continue it’s gains against other majors.
Tags: america, crisis, job losses, jobs, news, recession, unemployment, united states, us
