AMERICA IN RECESSION

"American businesses were forced to shed more than 23,000 jobs every day last month as recession tightened its grip on the economy, pushing the unemployment rate to a 25-year high. The rate jumped from 7.6 per cent to 8.1 per cent, the highest level since the downturn of the early 1980s. The US economy has lost 4.4 million jobs since the beginning of the slowdown, with more than half of these positions disappearing in the past four months alone." (Times, 7 March) RD