As per the latest report released by US labour department 7,60,000 jobs lost in 2008 so far. Employers cut 1,59,000 jobs in September, biggest drop in 5 years. August job loss was at 73,000.

This is a clear indication that economy is in a clear downtrend. US jobless rate is at 5 year high at 6.1%. Economists worried that all these will lead to a painful and long term recession in the United States.