February 6, 2009

Economy Shed 598,000 Jobs in January

The United States lost 598,000 jobs in January and the unemployment rate rose to 7.6 percent, its highest level in more than 16 years, the Labor Department said Friday.

In addition, the government revised the estimates for previous months to include another 400,000 job losses. For December, the government revised the job loss to 577,000 compared with an initial reading of 524,000. Overall, it said, the nation has lost 3.6 million jobs since it slipped into a recession in December 2007.

Source: NY Times


  1. The ahead is still gloomy as deepened recession. American needs CHANGE. We have to reform banking system, loan regulation, immigrant policy and more. I hardly believe Obama’s administration could revamp this entire system.

    Comment by bhb — February 6, 2009 @ 9:01 am | Reply

  2. The manner in which the United States counts and manages unemployment/underemployment has not changed in over 65 years. The demon of the details were created to keep the count low and the administration of the benefits brief as well as on the cheap. The system was not created to target and assist the skilled tradesman, the professional or manager under conditions of large term unemployment.

    Comment by Dr_NightShade — February 7, 2009 @ 2:23 am | Reply

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