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Grim, grim, grim. Dashing hopes that the U.S. economy had hit rock bottom, last week's figures confirm that the country is still headed down.
On Wednesday the U.S. economy in the third quarter was reported to have shrunk by 0.4 percent, its first quarterly negative growth in eight years. Then it got worse. The latest unemployment figures, released on Friday: 415,000 jobs were eliminated in October as the jobless rate jumped to 5.4 percent from 4.9 percent in September, the biggest one- month leap since May 1980. The current rate is now the highest the United States has experienced since December 1996. Analysts shrugged off the jobless report because they believe the economy will turn around in 2002, but this hardly consoled the average American. President George W. Bush acknowledged that the news was "not good for America."
Nor was the latest measure of consumer confidence. Spending plunged by 1.8 percent in September, after just a ...