Shares across the UK, America and Europe tumbled today after it emerged that the US economy shrank at the fastest rate since 1982 in the final three months of last year, far worse than the US Government had initially estimated. Gross domestic product (GDP) fell at an annual rate of 6.2 per cent between October and December, above initial estimates of a 3.8 per cent decline during the fourth quarter of 2008. In response, London's FTSE 100 index plunged further below the 4,000 level today, losing 127.35 points to 3,788.29 and America's Dow Jones industrial average fell 132.45 points to 7,049.63. Investors in Germany and France also took fright - Frankfurt's Dax fell 4.1 per cent while French-listed stocks dropped 3.3 per cent to 2,654.52.
Shares across the UK, America and Europe tumbled today after it emerged that the US economy shrank at the fastest rate since 1982 in the final three months of last year, far worse than the US Government had initially estimated.
Gross domestic product (GDP) fell at an annual rate of 6.2 per cent between October and December, above initial estimates of a 3.8 per cent decline during the fourth quarter of 2008.
In response, London's FTSE 100 index plunged further below the 4,000 level today, losing 127.35 points to 3,788.29 and America's Dow Jones industrial average fell 132.45 points to 7,049.63.
Investors in Germany and France also took fright - Frankfurt's Dax fell 4.1 per cent while French-listed stocks dropped 3.3 per cent to 2,654.52.
The county-by-county map won't be released until later next week, but the most recent numbers showed that we were witnessing 1930s levels of unemployment in the agricultural counties - 20% around Fresno, 15% here in Monterey County - and that the urban counties were steadily trending upward.
As I understand it, this puts California at #2 in the nation in unemployment, behind Michigan. And the world will live as one
