There was more grim financial news for Barack Obama to digest as he discussed his plans for revitalising the economy with a team of advisors.
New jobless figures have underlined the enormity of the task confronting the US president-elect, with the country expecting him to deliver on campaign promises to turn the economy around.
Obama is seeking to get his policies in place ahead of the start of his presidency in January. President Bush has said his administration will work with Obama to ensure the handover goes smoothly.
With industrial output falling and unemployment rising, one of the first questions Obama may face is what help, if any, to give strategic industries like carmaking.
General Motors has issued a statement indicating it may ask for the kind of assistance offered to banks.