Economy Shed 598,000 Jobs in January

Economy Shed 598,000 Jobs in January

National Unemployment rate keeps rising from 7.2% in December 08 to 7.6% last month. Since September, analysts say, economic activity has plunged on almost every front. The monthly pace of job losses shot up to about 500,000 a month for the last three months of 2008, and the new report offered no hint that a bottom was in sight.

The most devastated sector was manufacturing, eliminating over 200,000 jobs. The construction industry eliminated 111,000 and retailers eliminated 45,000.

New York Times -02/06/2009