According to the Bureau of Labor Statistics, US economy lost 598,000 jobs since December. The total number unemployed workers was 11.6 million in January, the unemployment rate now rise to 7.6%. The economy now has 1 million fewer manufacturing jobs than the year before. The analysis of some companies’ performence on the latest shipping data from overseas suppliers showed a more than 10% decline in the number of global suppliers shipping to the US since October 2007.

2008 has left us a fact that the face of the global economy has forever changed. Gone forever are investment banks, the secondary credit market, and an unregulated financial market…….

Kimberly Amadeo’s article on About.com gave us a whole review of Top Ten Economic Issues in 2008 in US. In hindsight, we can now see how it happened, and wonder how we could have been so blind.  A review will give us perspective, which allows hope.

1. Fed Innovates to Replace Failed Banking System
2. Bear Stearns Bailout
3. Freddie Mac and Fannie Mae Bailout
4. Lehman Brothers Bankruptcy Triggers Global Recession
5. Fed Nationalizes AIG
6. Credit Markets Freeze
7. End of Investment Banking
8. Stock Market Crash
9. $700 Billion Bailout (Oct 3)
10. Obama Wins Presidency (Nov 3)

To read the whole article, click here.

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An resent article on Time Magazine makes China another hot topic in media.

“China needs a new economic miracle — and the trajectory of the global economy may depend on whether one can be conjured up. China, theoretically, should be one of the locomotives that will eventually help pull the world out of its slump. That won’t happen overnight; overhauling the world’s fourth largest economy is going to take some time. For the moment, to tread water, Beijing is frantically throwing money at infrastructure projects, much as U.S. President-elect Barack Obama now promises to do in America. But ditch-digging on a national scale, Beijing knows, will not take China where it needs to go. Only if leaders execute a series of complex alterations to the foundations of its economic growth will China maintain its momentum…..”

“Turning Savers into Spenders the goal for china’s transition sounds straightforward enough. “We’ve become a big economy,” says Wang Zhenzhong, an adviser to the Chinese government and director of the economic-research institute at the Chinese Academy of Social Sciences (CASS). “Now, we need to become a strong economy.”

To read the entire article, click here.

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