Worst job losses since 1974 rattle Wall Street

NEW YORK (AP) — News of a rapidly weakening job market put Wall Street on track for a sharply lower open Friday. The Labor Department's report that employers slashed 533,000 jobs in November had investors worrying about a long and deep recession.

The job loss took investors by surprise, coming in much higher than the 320,000 economists had expected. Meanwhile, the unemployment rate soared to a 15-year high of 6.7 percent from 6.5 percent in October.

According to the report, job losses were widespread, hitting manufacturing, construction, retail, financial and other sectors. It was the biggest monthly loss of jobs since 1974.

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. On Thursday, bellwether companies like AT&T Inc. and DuPont Co. announced they were cutting thousands of jobs.