The new job loss numbers are in -- Ian Shepherdson of High Frequency Economics says the weekly figures are shifting, with something like 588,000 new claims for unemployment benefits last week. Shepherdson notes that 4,776,000 people are getting benefits, a new record, as hiring slows and layoffs increase:

The net result of this is soaring unemployment, and we see no chance of this picture changing in the foreseeable future. We expect net job losses of about 3 million through the first half of this year.

Calculated Risk says the U.S. situation is already as bad as it was in the 1990-91 recession.

At the World Economic Forum in Davos, global leaders are blaming the U.S. for the economic crisis. And Democrats in the House of Representatives muscled the economic stimulus bill through, which now goes to the Senate as an $819 billion package.

categories: Morning Report

9:14 - January 29, 2009

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