Half Million Jobs Vanish as Economy Deteriorates
Washington reports an alarming 533000 U.S. jobs vanished in a single month, the worst mass layoff burst in 35 years. General Motors added cuts while mortgage distress rose. Dow rose 259 points as analysts warned the recession could worsen, with unemployment near 10 percent and 422000 leaving the labor force.
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Economy stalls as hiring slows under GM outlook
An Argus Research analyst says the economy is in a free fall and job hiring has slowed, noting General Motors' ongoing challenges as a sign of broader weakness.
Stocks Snap Back With Big Gains After Jobs Report
Wall Street rallied as the Labor Department said employers cut 533000 jobs in November. The Dow rose 259.18 points to 8635.42, reversing early losses and easing fears of worsening economy amid a week of volatile trading.
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Energy slump sparks talk of $1 gasoline in Columbus
Declining oil and gas prices push nationwide pump costs lower as jobs data deepen recession fears. U.S. payrolls fell 533,000 in November, unemployment rose to 6.7 percent, and light crude slid to around 40.81 a barrel, fueling talk of sub $1 gas while a Phoenix station offered 1.67 per gallon.
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