 That was about five million more people unemployed compared to just a year prior, which was the largest annual jump in the number of unemployed persons since the 1940s.Although the US Economy grew in the first quarter by 1%, by June 2008 some analysts stated that due to a protracted credit crisis and "...rampant inflation in commodities such as oil, food, and steel," the country was nonetheless in a recession.The third quarter of 2008 brought on a GDP retraction of 0.5% the biggest decline since 2001.