Saturday, February 7, 2009 U.S. Jobless Rate Soared in January and Payrolls Kept Plunging U.S.:

"Feb. 7 (Bloomberg) -- Millions more U.S. workers are likely to lose their jobs after the economy’s freefall sent unemployment in January to the highest level since 1992 and payrolls tumbled, reinforcing the need for an economic stimulus plan.
The jobless rate rose to 7.6 percent from 7.2 percent in December, the Labor Department reported yesterday in Washington. Payrolls fell by 598,000, the biggest monthly drop since December 1974. Losses spanned almost all industries, from construction and manufacturing to retailing, trucking, media and finance.
“The scary thing is there is really no end in sight to the soaring jobless rate,” said Chris Rupkey, chief financial economist at Bank of Tokyo-Mitsubishi UFJ Ltd. in New York."

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