NEW YORK/LONDON (Reuters) - The U.S. economy haemorrhaged 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 rate cuts worldwide.
Stricken retailer Woolworths is cutting 450 jobs from support operations, administrators Deloitte said on Friday, as they remained locked in talks aimed at finding a buyer for the sweets-to-DVDs chain.
Sterling stumbled against a broadly stronger dollar on Friday, as investors seized on data showing the U.S. economy lost more than half a million jobs in November as a fresh reason to unload exposure to risk.
The U.S. auto industry's drive for a $34 billion (23 billion pound) emergency taxpayer bailout was stuck in neutral on Friday as the chief executives of Detroit's Big Three began a second day of testimony on Capitol Hill.
Prime Minister Gordon Brown urged banks to pass on in full the Bank of England's latest rate cut as speculation mounted about what steps the Bank could take once its conventional ammunition was exhausted.
The Bank of England is working on radical plans to inject cash directly into the economy as a last resort to reverse a slide into recession, a newspaper reported on Friday.
European stocks fell further in afternoon trade on Friday, as U.S. stocks continued to slip back after bleak jobs data signalled the financial crisis was deepening.
Oil fell below $42 a barrel on Friday, its lowest since January 2005, after a gloomy report on U.S. job losses underscored concern about weakening energy demand in the world's top consumer.