598,000 Jobs Lost as Jobless Rate Hit 7.6% in January

The country moved into its second year of uninterrupted job losses last month, with companies shedding another 598,000 jobs and the unemployment rate moving up to 7.6 percent, the Labor Department reported on Friday.

Economists had forecast a loss of 540,000 jobs and a unemployment rate of 7.5 percent.

Job losses were once again spread across both manufacturing and service industries, reinforcing the picture of an economy that is contracting at its fastest pace in decades.

Employers in the United States have shed jobs every month since January 2008, for an aggregate decline in payroll employment of 3.2 million.

The Labor Department also revised its numbers from December, saying that the economy lost 577,000 jobs compared with an initial reading of a loss of 524,000. Full Story..