US jobs on the scrapheap. The US economy is being devastated by the recession, unemployment is soaring at near record pace, and there’s every indication that it will worsen in coming months and not improve for the best part of a year. The economy shed 533,000 jobs in November, according to a government report released on Friday — bringing the year’s total job losses to 1.9 million: with 1.3 million of those disappearing in September, October and November. More revisions for September (403,000 jobs lost) and for October boosted the terrible toll.

All this paints a picture of an economy that lost all forward momentum and is imploding, shedding jobs by the thousands every day. In fact from January 1 to the end of November, more than 5,600 jobs were lost each day. But in September, October and November, it escalated to almost 14,000; in November, the daily rate topped 17,700. November’s loss was the worst for 34 years. The 6.7% unemployment rate was the worst since mid 1993, according to the figures from the US Government.

US economists say the detail of the figures shows the extent of the carnage engulfing the labour market: in the last three months alone, manufacturing has lost 258,000 jobs, while construction lost 201,000 (understandable given the housing slump) and retailing shed 229,000 jobs. The average American work week dropped to 33.5 hours, the lowest level since the inception of that measure in 1964, and overtime hours fell as well. — Glenn Dyer

Rio workers shafted. After being abandoned by hostile suitor BHP, mining conglomerate Rio Tinto is set to postpone billions of pounds of big projects and axe thousands of jobs in a huge crackdown on spending. Rio, the world’s third-biggest mining company, is poised to mothball its massive Simandou iron ore project in west Africa among other schemes around the world. — Mail on Sunday

UBS bankers in the firing line. UBS is drawing up plans to slash a further 4,500 jobs — according to reports circulating Switzerland. The latest round of cuts would push the total job losses at UBS since the onset of the financial crisis to more than 13,500 — Telegraph.co.uk

Harvey Norman shuts up shop. Australians are steering clear of the traditional Saturday morning electronics spending spree with retailer Harvey Norman warning some stores will close in the next six months due to the economic slowdown. Owner Gerry Harvey said sales in all key areas of the business — furniture, electrical and computers — had slumped three to four per cent in recent months. — Sunday Mail

Flat screens flatline. The slump at Harvey Norman is being felt at the source with electronics manufacturer Toshiba Corp. announcing that two of their main semiconductor production lines will be shut down over the New Year holidays, for the first time since 2001, due to a slump in demand for flat panel TVs and other electronic devices. — Mainichi Daily News 

DIY Christmas. British families are rediscovering the age-old joys of homemade presents, cooking meals from scratch and knitting clothes. Sales of raw ingredients including flour and mincemeat have surged while shops have seen a rise in demand for knitting yarn, craft kits and make-do-and-mend accessories ranging from plastic storage boxes to buttons. The trend has been described as a rejection of ready-made or throwaway products, increasingly associated with unchecked consumerism, and a renewed emphasis on home and family life as less money is spent in pubs, restaurants and cinemas. — Telegraph.co.uk

Greenies celebrate thrift. Maybe the financial crisis will prompt a “green holiday movement”, where presents will be recycled and non-material gifts will be favoured. The country’s ballooning economic crisis has come at the worst time — holidays are not traditionally the season to scrimp and save. But an entire “green” movement believes it can be. On websites and workshops around Chicago, consumers are being asked to scale back purchases or consider non-material gifts, such as food or wine, that won’t produce a mountain of trash. Those who invite family and friends to their homes are being urged to infuse their holiday decorations with secondhand, homemade or recycled goods. — Chicago Tribune

Auto crisis to spill over into world sport. The uncertain future of the world Formula 1 circuit is one thing, but there’s now talk of the effects of the financial crisis creeping into other sports including golf, sailing and football. Long gone are the days when GM’s German division Opel used to be the shirt sponsors of soccer teams such as Bayern Munich and AC Milan, and endorsed athletes like German tennis heroine Steffi Graf. Spanish top club Valencia had Toyota’s name on their jersey when they won the 2004 league title and the Australian Open tennis Grand Slam was once sponsored by Ford. Audi have trimmed their winter sport engagement down to being the main alpine skiing World Cup sponsor. German yachtsman Jochen Schuemann had hoped that Audi would help fund an America’s Cup team but the timing was bad as the company is determined to save some 100 million euros. — Deutsche Welle

Cybercrime wave. With thousands of scarily bright software engineers suddenly on the unemployment heap thanks to the global financial crisis, there’s growing concern many of them will turn their talents over to the ‘dark side’. It’s not hard to understand why — if you’ve got the skills and mental aptitude to develop top-rate software, chances are you’ve been paid pretty handsomely to do it. But with development projects being shelved and teams scaled back, corporate demand for those skills is quickly drying up. — Hydrapinion

Italian shoemakers kick up their heels.  If you have to ask, you can’t afford it, and the well-heeled still go for hand-crafted Italian shoes, whatever the price, even in dire economic times. Dal Co’, with a list of illustrious past and present loyal clients including Rita Hayworth and Sophia Loren, has yet to see sales fall off, and its python and crocodile models find ready takers among the rich and famous. — AFP