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U.S. Jobs are being slashed at the fasted rate since 1974, with nonfarm jobs slipping by 533,000 in November. Meanwhile, national unemployment is at its highest rate in 15 years, reflecting the 1.2 million U.S. jobs lost in the last three months alone. Layoffs have impacted a wide range of industries, from manufacturing and construction, to various services sectors. In some cases, workers haven't lost jobs, but have been forced into part-time positions. Analysts expect the Federal Reserve to cut the key rate further in response; others are calling for a government stimulus package. Most agree that the U.S. faces a recession as severe or worse than the 1980s.