More Americans lost jobs in January than in any month in the past 34 years, adding to the nation's strained unemployment rolls as the Obama administration tries to pull the economy out of a tailspin.
The Labor Department said employers slashed 598,000 jobs in January, the deepest cut in payrolls since December 1974, pushing the unemployment rate up to 7.6 percent. The latest figures, which follow a revised 577,000 losses for December, were even worse than economists had forecast. The consensus had predicted a 7.5 percent rate.
Well, they were pretty close.