US job cuts

Employers in the United States are said to have fired 533,000 people last month.



The US Labour Department says it represents the biggest monthly cut since 1974.



It is a dramatic indication of the worsening situation in the economy, the US jobless rate rose to a 15-year high of 6.7 percent from 6.5 percent in October.



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



The recent data has fuelled fears that the world\'s biggest economy is set for a deep, long downturn.



According to the BBC the US service sector makes up about 80 percent of US economic activity.