US Unemployment Rate Expected Near Eight Percent

Economic experts say Friday's U.S. unemployment report could reveal a February jobless rate as high as 7.9 percent, pointing to a worsening job market and deepening recession.

A White House spokesman said Thursday that he does not expect "good news" from Friday's report.

U.S. stock market indexes fell sharply on Thursday, with the S & P 500 hitting its lowest level since 1996. Each of the major three indexes lost at least four percent, while major European indexes lost between three and five percent.

In Europe, officials cut key interest rates Thursday in an attempt to get credit markets moving. The Bank of England slashed its benchmark interest rate to 0.5 percent, its lowest rate in 314 years. The European Central Bank lowered its key interest rate to 1.5 percent.

The recession has hurt the largest U.S. automaker, General Motors, so badly that its auditors are raising "substantial doubts" about whether it can stay in business. GM has gotten $13 billion in government loans and could get $16 billion more if it can convince government officials it has an effective restructuring plan.

And the U.S. House of Representatives approved by a vote of 234 to 191 a measure that would allow judges to order changes in mortgage terms to help some struggling homeowners avoid foreclosure.