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With 598,000 Jobs Shed, January Unemployment Rate at 7.6%
By
Jen Chung
Published Feb 6, 2009
Modified Feb 6, 2009
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By
Jen Chung
Published Feb 6, 2009
Modified Feb 6, 2009
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The Labor Department announced that the national unemployment rate for January is 7.6%, up from December's 7.2%. The 598,000 jobs cut last month is the "deepest cut in payrolls in 34 years," according to CNBC. Economists had been expecting the numbers to come in at 7.5% unemployment rate and 525,000 jobs lost. Labor Statistics Commissioner Keith Hall added, "January's sharp drop in employment brings job losses to 3.6 million since the start of the recession in December 2007," plus "about half the decline occurred in the last three months." These stats will be mentioned as the Obama administration tries to pass the stimulus bill. Senate Majority Harry Reid is "cautiously optimistic" it will pass.
Tagged
economy
jobless
recession
Unemployment
unemployment rate
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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Gothamist is funded by sponsors and member donations
Gothamist is funded by sponsors and member donations
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