Labor market worsens

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Recession worries gained further momentum on Wednesday after a private report showed U.S. employers cut 250,000 positions in November. The report sets the stage for gloomy official statistics from the Labor Department due on Friday. In a bit of good news, home loan rates dropped to a more than three-year low, according to a mortgage industry group. Conway Gittens reports from New York.

Tags: recession, employers, Labor Department

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