The economic crisis facing Barak Obama was made starkly clear today as corporate America hit the president-elect with a barrage of bad news.

Firms including Cisco Systems, News Corp and carmakers in Detroit outlined the gloom in the US and wider global economy as analysts slashed growth forecasts.

Grim unemployment figures tomorrow will underline the job facing Obama, who warned in his victory speech yesterday that "the worst financial crisis in a century" was one of "the greatest challenges of our lifetime".

Internet equipment maker Cisco, which produces internet traffic routers, said orders fell 9% in October, and warned revenues could drop 10% in the current quarter.

Detroit's struggling carmakers lost no time in seeking billions of dollars in support from the new Democrat administration. General Motors, Ford and Chrysler were today meeting House Speaker Nancy Pelosi as a precursor to taking their begging bowl to the White House in a bid to save the industry and millions of jobs.

"We intend to make sure the new Obama administration understands the immense significance of our industry, and that the cost of support is cheap when you consider the potential ramifications," said GM North American president Troy Clarke.

Rupert Murdoch slashed forecasts for News Corp, predicting it will suffer double-digit income declines this year rather than the 4% to 6% growth previously expected. He blamed "a pretty grim picture" at local US television stations as well as deteriorating advertising revenues in the newspaper industry.

It came as analysts chopped profit forecasts for a host of US companies amid fears of a deep and painful recession in America and around the world.

"Estimates have been coming down with a vengeance," said Dirk van Dijk, director of research at Zacks Investment Research in Chicago. "It's just plain ugly out there."