All Arrows Are Pointing Down

摘要

Tired of rotten economic news? Better get used to it. On Jan. 9 the Bureau of Labor Statistics reported that U.S. employers shed 2.6 million jobs last year, pushing the December unemployment rate to 7.2%, the highest since 1993. Four days later the Census Bureau said U.S. exports and imports had both plunged in November, with imports going down more. That trimmed the trade deficit-ordinarily cause for good cheer-but it also reflected the rapid implosion of trade around the world.