The US Federal Reserve is to pump $215 billion into the cash-strapped banking system amid tightening credit from the worst housing slump in decades.
The central bank says it has coordinated closely with foreign central banks to take action to address heightened liquidity pressures in term funding markets.
The announcement came just minutes before the US Labor Department reported the economy lost 63,000 jobs last month.
It is the second consecutive month of job losses and has triggered alarms that the world's largest economy is heading for a steeper slowdown.
It is the biggest drop in job numbers since March 2003.
The manufacturing, construction and retail sectors were hardest hit.
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