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Read more with google mobile : US job losses accelerate, German car sales stall
Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Search Search: US job losses accelerate, German car sales stall AFP - 2 hours 25 minutes ago WASHINGTON (AFP) - - US job losses accelerated in November while German car sales skidded, according to the latest batch of data Wednesday that added to worries about the global economic outlook. Brazilian mining giant Vale became the latest to announce big job cuts, shedding 1,300 workers worldwide because of the global downturn. Yet stock markets showed resilience despite the barrage of grim news, as investors appeared to look past the turmoil and focused on news suggesting a possible rebound in troubled sectors. In the United States, surveys showed employers shed jobs at a breakneck pace in November, a troublesome sign for an economy mired in recession. In an ominous sign for the holiday shopping season, the private sector lost 250,000 jobs last month, the largest decline in six years, according to the ADP National Employment Report. Separately, consultancy Challenger, Gray & Christmas said layoffs announced by employers in November rose to 181,671 as job cuts for the year officially surpassed one million for the first time since 2005. A separate service sector survey then showed a brutal fall to 37.3 points from 44.4 points in the October Institute of Supply Management index, much worse than analyst forecasts for 42 points. "The steep drop in services industry activity in November is another sobering reminder of the potentially devastating consequences of the current long and painful recession," said Brian Bethune, economist at IHS Global Insight. But markets latched onto positive news including a survey showing a surprisingly strong demand for home loans from the US Mortgage Bankers Association. The report showed an increase of 112.1 percent on a seasonally adjusted basis from one week earlier. "Many borrowers missed an opportunity to take advantage when rates dropped sharply for a brief period" earlier this year, said MBA vice president Orawin Velz, who cited a rush to take advantage of lower rates. The group said the average interest rate for 30-year, fixed-rate mortgages decreased to 5.47 percent from 5.99 percent. The report showing rising mortgage demand was "a huge surprise," which could help the sector at the center of the economic storm, said Gregory Drahuschak, analyst at Janney Montgomery Scott. Also lifting spirits was a report by the research firm comScore showing online sales rose 15 percent on the shopping day known as Cyber Monday. Brian Wesbury at First Trust Portfolios said this was one of many signs of recovery. "The rebound in consumer spending so evident in this holiday shopping season, an apparent stabilization in initial unemployment claims, a huge drop in gasoline prices, a strong rebound in mortgage applications and the placement of new corporate bond issues suggest that risk aversion is abating," he said. Earlier the 15-nation eurozone service sector activity index, compiled by data and research group Markit, fell to 42.5 points in November from 45.8 points in October, worse than a first estimate of 43.3 points. The problems facing the auto industry were highlighted by German figures showing new car sales slumped 18 percent in November and appeared headed to their worst performance since national reunification in 1990. The US auto industry is likewise under severe threat, having just reported calamitous domestic sales declines in November and as its leaders plead with the US government for emergency loans of 34 billion dollars. French President Nicholas Sarkozy was due to unveil a 20-billion-euro (25-billion-dollar) stimulus package targeting the vital car industry as well as housing and household spending. The European Central Bank and Bank of England were expected to both cut interest rates sharply Thursday to give relief to borrowers and keep consumer spending on track. Other eurozone data showed retail sales in October down 0.8 percent from September and falling 2.1 percent from a year earlier, much worse than expected and stoking concerns about the outlook. Stock markets held firm in the face of the glum news. In New York, the Dow Jones Industrial Average powered 2.05 percent higher, the Nasdaq composite climbed 2.94 while the broad Standard & Poor's 500 advanced 2.58 percent. In London, the FTSE 100 index rose 1.14 percent and the Paris CAC 40 gained 0.44 percent. In Frankfurt the DAX rose 0.78 percent. Brazil's Vale said its cuts would affect all its plants around the world, the company said without providing specifics. "The fall in orders for iron and steel" was behind the move, it said in a statement. Italian telecommunications group Telecom Italia said it would cut a further 4,000 jobs in Italy, and Spanish airline Iberia said it would slash 1,000 positions. Queen Elizabeth II unveiled the British government's legislative program, stressing its "overriding priority" was to bolster the economy against looming recession. The lavish ceremony surrounding the Queen's Speech -- when she speaks from a gold throne in the House of Lords, wearing an ermine robe and a crown studded with nearly 3,000 diamonds -- contrasted with her message of economic caution. 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Thursday, 4 December 2008 - US job losses accelerate, German car sales stall