Wednesday, December 24, 2008

U.S. falls deeper into recession

WASHINGTON — The United States has fallen deeper into recession, data showed on Wednesday, with the number of people filing unemployment claims reaching a 26-year high and consumers cutting spending for the fifth successive month. U.S. falls deeper into recession

Governments across the world have tried to boost expenditure to ease a recession ushered in by a credit crisis in the United States, with Japan and Germany becoming the two latest countries to unveil new spending programs.

Japan's government approved an 88.5 trillion yen ($980.6 billion) budget, its biggest-ever, to cover a 12 trillion yen fiscal stimulus program and Germany pegged its second spending package at 25 billion euros ($34.97 billion).

But some economists have said increased spending so far has failed to boost confidence among consumers, markets and investors.

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