This Is Not Working For Us

As Congress diddles over President Obama’s stimulus bill, the Labor Department announced that another 598,000 people lost their job in January. That would be a little like putting the entire cities of Seattle or Boston out of work. The bad news meant that the national unemployment rate jumped to 7.6 percent, but The New York Times reports that it could be closer to 9.4 percent, and The Washington Post warns that it'll only get worse. Rent party, anyone?

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Joblessess highest since 1992. (Graphic: Cristina Rivero/Washington Post)

The country moved into its second year of uninterrupted job losses last month, with companies shedding another 598,000 jobs — the most since December 1974 — 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. The jobless rate is at its highest since September 1992. 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. Read more

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