U.S. job cuts hit 5-1-2 year high

American employers slashed payrolls for the ninth consecutive month amid turmoil in the financial markets which threatens to harm the entire economy. Economists say the bleak report may speed things up in Washington as lawmakers try to find a way to deal with toxic mortgage assets that have crippled the credit markets. Conway Gittens reports from New York. SPEAKER: Jay Bryson, global economist, Wachovia

• 2008-10-04T04:10:00+00:00
• Duration: 01:29

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