According to the latest statistics released by the U.S. Department of Labor (BLS), American's unemployment rate hit 9.5% in June, a record high in the past 26 years. With this, the U.S. and European stocks slumped further since their opening on Thursday, and the price of bulk commodities dropped drastically. The price of crude oil was down to $66.7 per barrel.

According to analysis, this unemployment surge was due to the weakened effect of American's new economic stimulus plan, suggesting that the U.S. economy still has a long way to go before seeing a genuine recovery. The rising unemployment rate and the economic downturn are interactive, producing a vicious circle.

Meanwhile, many States in the U.S. are facing financial difficulties and have to resort to selling out prisons and charging on-line tractions to boost their fiscal revenue, making the economic conditions even worse.

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