US jobless rate at highest for six years

The US unemployment rate climbed to 5.8% last month, the highest in more than six years, as businesses cut 124,000 jobs and the year ended with the job market in the depths of recession.

The unemployment rate was up 0.2% from a revised 5.6% in November, the Labour Department reported today. Since the recession began in March, companies have slashed 1.4 million jobs.