The US economy lost more than half a million jobs in January for the third month running, figures showed on Friday, marking the deepest cut in 34 years.
The number of jobs lost last month reached 598,000, while the unemployment rate – 4.4 per cent before the credit crisis – jumped to 7.6 per cent in January, its highest level since 1992.
Economists had expected non-farm payrolls to drop by 525,000 and the unemployment rate to rise to 7.5 per cent, up from 7.2 per cent the month before. The total number of job losses since the recession began in December 2007 has now reached 3.6m, with half of this decline occurring during the last three months, according to the Bureau of Labor Statistics.
Jobs Report Worse than ExpectedPublished February 6, 2009 Employment 15 Comments
Tags: economy, Employment, jobs, unemployment