Growing signs of difficult downturn

WASHINGTON, D.C. (NBC) - With the economy officially labeled a recession, there are growing signs it could be a long and difficult downturn. One of the hardest-hit areas has been the auto industry. On the eve of another bailout request, the Ford CEO released a new plan Tueday to save the company that includes a new salary of a dollar a year. They are dramatic measures for dramatic times.

Wall Street opened up still on shaky ground Tuesday morning. Just a day after falling 680-points, it was the worst slide since early October. While part of the market's massive drop can be blamed on profit-taking by investors after a surge in stock prices last week, most analysts agree it is more likely a reflection of what continues to be a grim economic picture across the board. The primary and most difficult problem the new Obama administration will be forced to deal with.

"I know these are difficult times," said President-Elect Barack Obama. "I don’t think anybody here is viewing the situation here through rose-colored glasses."

Unemployment lines continue to stretch across the country, leaving little question this recession could be longer and more painful than any economic downturn since the early 80s. Black Friday was a bit better than expected, but this is still shaping up as the worst holiday shopping season in decades.

Evidence of that is a deeper-than-expected quarterly-loss report from Sears . The retailer plans to close even more stores. The nation's largest poultry producer, Pilgrim's Pride , has filed for Chapter 11 bankruptcy protection and looking to avoid the same fate.

Executives from the "Big Three" U.S. automakers will be back on Capitol Hill Wednesday to try and convince lawmakers to dole out $25 billion in bailout funds. That request will come at the same time November sales are released. The numbers are expected to be some of the worst ever.