A glum jobs report is having a startling ripple effect through the economy and exchange traded funds (ETFs).

In November, 533,000 jobs were lost or dissolved, taking the unemployment rate to 6.7%, the largest one-month decline since December 1974, reports Louis Uchitelle for The New York Times.

This news brings justification that the current recession will be deep and long, possibly the longest since The Great Depression.

Major cutbacks and declines have been seen in construction, manufacturing, home sales, consumer spending, business investments and exports. AT&T (T) anticipates 12,000 job cuts and DuPont 2,500, while Viacom (VIA) is shedding 850.

  • PowerShares Dynamic Media (PBS): down 54.5% year-to-date; Viacom is 4.9%

Media ETF