Fred Business News- The nation's labor market worsened in December to the weakest level since the shock that followed Hurricane Katrina, as the problems in housing and mortgages took a bite out of job opportunities.

Employers added far fewer jobs in the month than had been forecast, while the unemployment rate shot up to 5 percent, which was a two-year high, according to a government report Friday.

Stocks sold off sharply on rising fears of a possible recession and there was a widespread belief in the markets that ...   more »