US unemployment hits 14 year high

In the United States, jobless rate shot up to hit a 14.5-year high for October, as employers slashed almost a quarter of a million positions. President-elect Barack Obama has called this a sobering situation, promising swift action in response.

A US Labor Department report shows 1.2 million US jobs have been lost so far this year-- more than half in the past three months. Experts say the data is a further sign that the US economy is sinking into a deep recession. They're warning that unemployment could climb to 8.5 percent by the end of next year.

Meanwhile, worries about job security, means US consumers spending less,a trend that is spreading. Analysts say any stimulus measures should aim for an immediate rather than long-term impact.