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Employers cut 533K jobs in Nov., most in 34 years (AP)

AP - Skittish employers slashed 533,000 jobs in November, the most in 34 years, catapulting the unemployment rate to 6.7 percent, dramatic proof the country is careening deeper into recession.

Bush: Any aid to automakers must be paid back (AP)

AP - President George W. Bush on Friday demanded that any auto bailout measure passed by Congress require car companies to pay back taxpayers.

U.S. recession to deepen in coming months: ECRI (Reuters)

Reuters - A measure of future U.S. economic growth and its annualized growth rate both ticked up in the latest week, but they still suggest the recession will intensify in the near future, a research group said on Friday.

Bush worried about automakers (Reuters)

Reuters - U.S. President George W. Bush said on Friday that he was concerned about the viability of the auto manufacturers and that Congress must act next week on a plan to help them restructure.

Brazil inflation unexpectedly slows in November (AP)

AP - Brazil's inflation unexpectedly slowed in November, the government said Friday, rising at a rate lower than analysts had predicted.

Bush statement won't include stimulus call: W.House (Reuters)

Reuters - President George W. Bush will not call for or endorse the need for a new economic stimulus package in his statement on the economy on Friday, the White House said.

Massive US job losses rock markets, confidence (AFP)

AFP - Massive and much worse-than-expected US job losses in November sent markets reeling Friday, sparking concerns whether current efforts to tame a deepening recession are going to be enough.

Home loan troubles break records again (AP)

AP - A record one in 10 American homeowners with a mortgage were either at least a month behind on their payments or in foreclosure at the end of September as the source of housing market pressure shifted to the crumbling U.S. economy.

US sheds 533,000 jobs (AFP)

AFP - The US economy lost a stunning 533,000 jobs in November and the unemployment rate jumped to a 15-year high of 6.7 percent, the Labor Department said Friday.

US, China pledge to jointly tackle global crisis (AP)

AP - The United States and China pledged Friday to work together to tackle global financial turmoil as they wrapped up economic talks but left open whether the high-level dialogue will continue under President-elect Barack Obama.

Grim jobs data throws focus back on central banks (Reuters)

Reuters - The U.S. economy hemorrhaged more than half a million jobs in November, data showed on Friday, underscoring the depth of a global recession that this week prompted historic interest rates worldwide.

Chile reports 4.1 economic growth (AP)

AP - Chilean officials say the economy grew by 4.1 percent in the 12 months

Late mortgage payments and foreclosures hit record (Reuters)

Reuters - Late mortgage payments and the rate of home loans in foreclosure rose to record highs in the third quarter, threatening to escalate as the recession erases jobs and further strains homeowners, the Mortgage Bankers Association said on Friday.

U.S. job losses worst since 1974 as downturn deepens (Reuters)

Reuters - U.S. employers axed payrolls by 533,000 jobs in November, the most in 34 years and far more than expected, government data on Friday showed, as the year-old recession hammered every corner of the U.S. economy.

Obama calls for 'urgent' resolve after job loss figures (AFP)

AFP - President-elect Barack Obama on Friday called for an "urgent" effort to put people back to work and to stimulate the US economy after the release of the worst job loss figures in 34 years.

Crisis likely to worsen before it improves: Obama (Reuters)

Reuters - President-elect Barack Obama said on Friday that the economic crisis is likely to get worse before it improves as he called for a stimulus plan to create jobs over the next two years.

W.House says working to fix housing, credit markets (Reuters)

Reuters - The White House said on Friday it will continue working to fix the U.S. credit and housing markets after a new government report showed employers last month cut the highest number of jobs in more than three decades.

Pimco says jobs point to dismal Q4 (Reuters)

Reuters - Mohamed El-Erian, the chief executive of bond giant Pacific Investment Management Co., or Pimco, said the 533,000 drop in U.S. non-farm payrolls in November points to a contraction of gross domestic product of 4 or 5 percent in the fourth quarter.

Inflation pressures fall to 47-year low: ECRI (Reuters)

Reuters - U.S. inflation pressures fell in November to their lowest in more than 47 years, pulled down by broad-based disinflationary moves, a research group said on Friday.

Oil plummets on dire US jobs figures (AP)

AP - Oil prices plummeted Friday as the already battered market reacted to unexpectedly high U.S. unemployment figures � the latest dramatic evidence of recession in the world's largest market for crude.

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