U.S. Lost 598,000 Jobs in January

Unemployment Rate Jumped to 7.6%

  • Jan 2009: Payrolls fell 598,000 (biggest monthly decline since Dec 1974) after falling by 577,000 in Dec and 597,000 in Nov 2008, Unemployment rate rose from 7.2% in Dec 2008 to 7.6% in Jan (a 16-yr high)
  • Payrolls have declined 3.57 mn since start of the recession in Dec 2007 (largest job losses during any post WW II recession); payrolls fell 2.6 mn in 2008
  • Continued job losses in manufacturing (-207k), construction (-111k), residential const (-61k), non-res const (-47k), services (-279k) the sharpest 3-mo decline since 1950s; finance (-42k), auto and parts (-31k), real estate (-45k), business and professional services (-121k), leisure and hosp. (-28k). Job gains in health and education (+54k), govt (+6k)

The Unemployment Rate is Bogus