US job losses surge in November

US employers axed 533,000 jobs in November, the biggest monthly cut since 1974, the US Labor Department said.

In a dramatic indication of the worsening economic situation, the US jobless rate rose to a 15-year high of 6.7% from 6.5% in October.

Since these latest numbers were compiled, further jobs losses have been announced, including big cuts at AT&T.

Recent figures have fuelled fears that the world's biggest economy is set for a deep, long downturn.

The news pushed Wall Street share prices down 2.5% at one stage, but the market then rebounded and eventually closed up 3%.

US oil prices fell to a four-year low, before recovering slightly to close down $1.93 at $41.74 a barrel.