CRISIS IN THE USA

"November was the worst month in US labour market since the oil crisis of 1974, as more than 500,000 US workers were laid off, according to official figures released on Friday. But Graham Turner, of consultancy GFC Economics, says the rising cost of corporate debt is now flashing a red warning signal that far worse is to come over the next few months and job losses are heading for levels last seen in the 1930s Great Depression." (Observer, 7 December) RD