...It must be time for more record unemployment numbers. 654,000 new jobless claims is bad enough, but continuing jobless claims have now topped 5.34 million, a new record. As more and more people are laid off and the stimulus bill extends unemployment benefits, those continuing claims are going to skyrocket.
Retail sales showed a small gain excluding autos, but the real killer was a massive 9% drop in household wealth in 4th quarter 2008. That alone assures 2009 is going to be dismal.
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