From The BBC News

US employers axed 533,000 jobs in November, the biggest monthly cut in 34 years, the US Labor Department said.

In a dramatic indication of the worsening situation in the economy, the US jobless rate rose to a 15-year high of 6.7% from 6.5% in October.
Since these latest figures were compiled, further jobs losses have been announced, including big cuts at AT&T.

The grim economic data pushed shares on Wall Street down by about 2.5% while oil went to a four-year low near $40.

Recent data has fuelled fears that the world’s biggest economy is set for a deep, long downturn.
“This was much worse than was expected and represents wholesale capitulation. The threat of a widespread depression is now real and present,” said Peter Morici, a professor at the University of Maryland School of Business.

The dollar fell against major currencies, and US light crude dived $1.31 to $42.31 a barrel after the November jobless figures were unveiled.

Reacting to the unemployment data, US President-elect Barack Obama said: “There are no quick or easy fixes to this crisis, which has been many years in the making, and it’s likely to get worse before it gets better.”

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