New unemployment figures were released today recoding a 25-year record. 663,000 Americans lost their jobs last month, rising the unemployment rate from 8.1% last month.

Since the recession began in December 2007, 5.1 million Americans have lost their jobs.

[The New York Times.]

The unemployment statistics reflects the number of unemployed who are still looking for work. Some have given up. When factoring at the unemployment - whether still seeking employment or not - the figure raises to 9%.

The picture gets even more bleak. A great deal of American workers have had hours cut or lost a second job they previously had in supplement to another job. They are termed underemployed. When factoring in those people, the number of Americans unemployed or underemployed raises to 15.6%

Congress is trying to stimulate the economy through tax cuts, bailouts, and increased spending. The tax cuts for the middle class will soon take effect and banks are beginning to balance their books. Further, states receiving money have been encouraged to quickly spend the money.

This month, statistics on home sales released show that housing sales have increased after previously declining. This means that the declining value of homes may finally reach a bottom. The slump in home values, estimated at more than $11 trillion, is good news for new home buyers, particularly the young, who otherwise may have had to put off buying a home just yet.

The American economy is not in peak shape, but things are starting to get back on track with some analysts predicting that the economy will end this year. One greatly hopes so. This is a hard time, but as investment guru Warren Buffet put it “America’s best day are still ahead of her.”