Nearly 600K jobs lost in Jan.; more pain ahead
Friday February 6, 5:12 pm ET
By Jeannine Aversa, AP Economics Writer
Employers ax payrolls by most since `74; jobless rate at 7.6 percent, with more pain ahead
WASHINGTON (AP) — The nation lost nearly 600,000 jobs last month, the worst showing in a third of a century, as a vicious cycle of cutbacks by consumers forced ever more layoffs by beleaguered employers. The unemployment rate catapulted to 7.6 percent, the highest in 16 years, and seems headed for double digits.
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