Just under 600,000 jobs were cut by employers in January, the largest
amount since December 1974, as unemployment rate goes higher.
The U.S. Labor Department released figures this morning that shows a loss of
598,000 jobs in last month, pushing the country's unemployment rate to
7.6 percent -- the highest since September 1992 -- and marking the 13th consecutive
month of job losses. All told, more than 3.5 million jobs have been lost since the
current recession started.
Slightly more jobs were lost in December, as the Labor Department also released
revised numbers -- saying that the economy lost 577,000 jobs that month (higher
than the original figure of 524,000).
Job losses were felt in the same sectors of the economy as in previous months,
with manufacturing cutting 207,000 jobs, construction slashing another 111,000 jobs,
professional and business services eliminating 121,000 positions, retailing
slashing 45,000 jobs, and leisure and hospitality employers cutting 28,000 jobs.
There was some small good news, as employment gains were seen in education and health services,
as well as in the government.
In a previous report, it was reported that last week the number of Americans
filing first-time jobless claims reached a 26-year high, with 626,000 requesting aid.
