U.S. Economy: Jobless Rolls Reach 25-Year High, Exports Slump

`We are in a world economic downturn, there is no question about it, and it's shaping up to be pretty significant,'' said David Resler, chief economist at Nomura Securities International in New York. In the U.S., ``it will be a very serious recession, rivaling the worst in the postwar period.''

1) The worst German recession in at least 12 years and
2) shrinking economies in other parts of Europe and in Japan will hurt U.S. exports,
3) while a lack of credit and rising unemployment will cause American consumers and businesses to keep retrenching.

Even a second round of government stimulus will not promote a quick rebound, Resler said.