03/08/2009 05:12 am ET | Updated May 25, 2011

Economy In A Tailspin

The number of Americans who applied for unemployment benefits last week surged to 626,000--the highest level since 1982. At the same time, the number of people staying on the benefit rolls hit a record high.

That isn't all.

Tomorrow the government is expected to release data showing unemployment is spiking. According to Gallup's projections, unemployment will top 7.5%.

In other bleak economic news, factory orders fell for its fifth straight month, while several retailers posted dismal January sales.