| US employers axed 533,000 jobs in November, the biggest monthly cut in 35 years, US Labor Department has said. | US employers axed 533,000 jobs in November, the biggest monthly cut in 35 years, US Labor Department has 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. | 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 thee latest figures were compiled, further jobs have been lost including big cuts at AT&T. | Since the latest figures were compiled, further jobs have been lost including big cuts at AT&T. |
| Weak economic data has fuelled fears that the world's biggest economy is set for a deep, long downturn. | Weak economic data has fuelled fears that the world's biggest economy is set for a deep, long downturn. |
| 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. |
| Recession year |
| The economy has just collapsed, and has gone into a free fall Richard Yamarone, Argus Research |
| The National Bureau of Economic Research said this week that the US entered a recession in December 2007. | The National Bureau of Economic Research said this week that the US entered a recession in December 2007. |
| Separately, a measure of US service sector activity, the Institute for Supply Management's index, dropped to a record low in November. | Separately, a measure of US service sector activity, the Institute for Supply Management's index, dropped to a record low in November. |
| The US service sector makes up about 80% of US economic activity. | The US service sector makes up about 80% of US economic activity. |
| November was the 11th month in a row that the economy lost jobs. | November was the 11th month in a row that the economy lost jobs. |
| "You can't get much uglier than this. The economy has just collapsed, and has gone into a free fall," said Richard Yamarone at Argus Research in New York. |
| But some analysts say November job losses were expected to be very high. |
| "Markets have priced in the high job losses and unemployment rate in November," said Arpitha Bykere at RGE Monitor. |
| Bleak outlook | Bleak outlook |
| The economy contracted at an annual rate of 0.5% from July to September due to the biggest fall in US consumer spending in 28 years. | The economy contracted at an annual rate of 0.5% from July to September due to the biggest fall in US consumer spending in 28 years. |
| Many economists believe the gross domestic product will fall even sharper in the current quarter. | Many economists believe the gross domestic product will fall even sharper in the current quarter. |
| On Wednesday, the Federal Reserve Board painted a bleak picture of the US economy in its influential Beige Book, a report used to help determine US interest rates. | On Wednesday, the Federal Reserve Board painted a bleak picture of the US economy in its influential Beige Book, a report used to help determine US interest rates. |
| It said economic activity has weakened across the US in the past two months, with retail sales, and vehicle sales in particular, "down significantly". | It said economic activity has weakened across the US in the past two months, with retail sales, and vehicle sales in particular, "down significantly". |
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