Friday, February 06, 2009

Unemployment Rate Hits 7.6% -- Worse Than Expected.

The new unemployment numbers are out:

January job losses: 598,000

Job losses from Nov-Jan: 1.8 million

Unemployment rate: 7.6%

Unemployed workers: 11.6 million

In a word they are ugly.

So while Republicans continue to play political games with the future of this nation, the number of Americans who have lost their jobs is skyrocketing. The Numbers were worse than expected:

U.S. employers slashed 598,000 jobs in January, the deepest cut in payrolls in 34 years as the national unemployment rate shot up to 7.6 percent, according to a Labor Department report on Friday that underlined a deepening recession.

January's job losses were worse than the 525,000 that had been forecast by Wall Street economists, who also had expected the unemployment rate to come in lower at 7.5 percent. The bleak employment data is certain to be cited by the Obama administration as a fresh reason for Congress to speed up debate over a multibillion-dollar package of proposals to try to stimulate economic activity.

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