World trade experiencing a “huge drop”, according to the World Trade Organization.  Rather than the gloomy 9% predicted earlier this year, volume will likely contract by 10%.

The Bureau of Labor Statistics of the U.S. Department of Labor reported that nonfarm payrolls fell by a whopping 533,000 jobs in November, and the official government-approved unemployment rate rose from 6.5 to 6.7%.

The March job report is expected to bring grim tidings about the health of the US economy.

The consensus on Wall Street is for nonfarm payrolls in March to fall by roughly 60,000 jobs. This will raise the unemployment rate from 4.8% to 5%.

Already, the private sector has shed jobs for four consecutive months, led by losses in manufacturing and construction.