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It looks like the makings of another ugly day on Wall Street.

Today's economic news: the latest U.S. employment report is the worst since 1974, with an estimated 533,000 jobs lost in November. Meanwhile, the latest U.S. retail sales figures are the worst in 35 years.

"This is a clear employment blowout," one analyst told Reuters. The U.S. unemployment rate has now climbed to 6.7 percent.

And in Germany, the world's export powerhouse, manufacturing orders have fallen off a cliff.