US jobless figures up as economy suffers severe downturn

Shares went into sharp retreat on both sides of the Atlantic today as gloomy jobs data from the United States heightened fears over prospects for the global economy.

On Wall Street, the Dow Jones Industrial Average tumbled more than 180 points, taking it below the 13,000 level. In London, earlier gains were wiped out, with the FTSE 100 index trading more than 140 points down towards the close.