America slides deeper into depression as Wall Street celebrates with record bonuses

December was the worst month for US unemployment since the Great Recession began.

The labour force contracted by 661,000. This did not show up in the headline jobless rate because so many Americans dropped out of the system. The broad U6 category of unemployment rose to 17.3pc. That is the one that matters.

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Ambrose Evans-Pritchard at the UK Telegraph  >>

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