Stock Futures Extend Decline After Jobs Report

By: Associated Press
By: Associated Press

Stock futures are extending their decline following a government report showing a steep deterioration in the jobs market.

The Labor Department said Friday employers cut 533,000 more jobs in November -- the most since 1974. Analysts were expecting 320,000 job cuts. The unemployment rate is up to 6.7 percent from 6.5 percent in October.

Investors fear higher unemployment will lead to a more severe pullback in consumer spending, which is a crucial component to helping the economy rebound.

Following the report, Dow Jones industrial average futures are down 159 points to the 8,243 level. They had been off about 100 points before the report.

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