New unemployment numbers show steep job losses

Friday, February 06, 2009

The jobless rate reached its highest level in more than sixteen years (Flickr user le haricot (cc: by-nc-sa))
New unemployment numbers have just been released and they are fairly grim. Employers faced with declining sales eliminated 598,000 jobs in January, the most since the end of 1974. As the unemployment rate jumps to 7.6 percent with no end in sight, we turn to Jim Ellis, assistant managing editor at BusinessWeek to help parse the numbers.

For more information, here is the New York Times report on the numbers, 598,000 Jobs Lost as Jobless Rate Hit 7.6% in January.


Jim Ellis

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