Economy In A Tailspin

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.

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