Employers cut another 240,000 jobs last month, raising the nation's unemployment rate to 6.5 percent. That's the highest it's been since March 1994. The Labor Department reports 1.2 million jobs have been lost so far this year, more than half in the last three months
On the crucial jobs front, the situation is likely to move from bad to worse next year. Many expect the jobless rate to climb to 8 percent, possibly higher, next year. In the 1980-1982 recession, the unemployment rate rose as high as 10.8 percent before inching down.
Stressed consumers are cutting back on their shopping and trying to trim their debt.
As President-elect Obama huddles with his economic advisers to begin to tackle the severe downturn some are speculating that he might burst on the scene and implement a series of new reforms, similar to FDR's "New Deal" in the 1930's.
And that leads to our Fast Money Reader Poll. Do you think Barack Obama should implement a series of new reforms, similar to FDR's "New Deal"?
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CNBC.com with wires