United States, world, economies in trouble

This video from the USA is called Iraq War = Higher Oil Prices.

By Andre Damon:

Largest US unemployment spike in 22 years

7 June 2008

The US economy lost 49,000 net jobs in May and the official unemployment rate shot up by half a percentage point in the sharpest month-to-month increase since 1986, according to figures released Friday by the Labor Department. Oil prices rocketed upwards the same day, posting an increase of more than $10 a barrel.

Financial markets reacted violently to these developments, with both the New York Stock Exchange and NASDAQ plunging immediately after trading opened, each closing down by about 3 percent. The US exchange rate, which had been slightly bolstered by the Federal Reserve’s hints that it might raise interest rates, fell against the euro as the oil price hit a new record.

The steep jump in unemployment — from 5.0 to 5.5 percent — came as a surprise to analysts, who had been predicting an increase rise of only 0.1 percent.

See also here. and here.

By Alex Lantier, the first part of a three-part series of articles on the world food crisis. Also on that crisis: here. And here.

Philippines: Spiralling rice prices bring hunger to millions: here.

Food prices in Australia: here.

Bradford & Bingley: Britain’s banking crisis worsens: here.