1. According to a survey by the National League of Cities, the US local governments may cut upto 500,000 jobs as property taxes take a plunge, social security schemes need more money and state & federal aid contracts
2. Surging foreclosures have resulted in ownership of homes in the US to its lowest in decades. According to the US Census Bureau, the number of vacant properties now stand at 18.9 million
3. US consumer confidence index, the Conference Board Sentiment Index declined to 50.4 in July, the lowest in five months - indicating how badly scalded the US consumers have been
Mother of all recessions really.