Higher than expected government reports that more than half-a-million jobs were lost in November pushed the Dow Jones down more than 200 points in the first hour of morning trading.
The Labor Department's report that employers slashed 533,000 jobs in November came in much higher than the 320,000 that economists forecast. The job losses were severe enough to add to expectations that Washington will have to take even bigger steps to boost the economy.
Analysts say job losses were widespread, hitting manufacturing, construction, retail, financial and other sectors. It was the biggest monthly loss of jobs since 1974.
New York Stock Exchange
While the rise in the unemployment rate wasn't as steep as the 6.8 percent forecast, investors clearly believe the employment outlook remains bleak -- especially as the layoffs keep coming.
This news comes on top of reports Thursday that AT&T Inc. was slashing 12,000 jobs, and DuPont Co. is cutting 2,500 people from its payrolls.
Broader stock indicators also declined. The Standard & Poor's 500 index fell 19.71, or 2.33 percent, to 825.51, and the Nasdaq composite index fell 32.98, or 2.28 percent, to 1,412.58
The Labor Department's report that employers slashed 533,000 jobs in November came in much higher than the 320,000 that economists forecast. The job losses were severe enough to add to expectations that Washington will have to take even bigger steps to boost the economy.
Analysts say job losses were widespread, hitting manufacturing, construction, retail, financial and other sectors. It was the biggest monthly loss of jobs since 1974.
New York Stock Exchange
While the rise in the unemployment rate wasn't as steep as the 6.8 percent forecast, investors clearly believe the employment outlook remains bleak -- especially as the layoffs keep coming.
This news comes on top of reports Thursday that AT&T Inc. was slashing 12,000 jobs, and DuPont Co. is cutting 2,500 people from its payrolls.
Broader stock indicators also declined. The Standard & Poor's 500 index fell 19.71, or 2.33 percent, to 825.51, and the Nasdaq composite index fell 32.98, or 2.28 percent, to 1,412.58
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