Payrolls plunge 598,000, the most since 1974

I actually thought the number would be 700,000. My 2009 Financial Forecast predicted the unemployment rate would hit 9% this year, I fear that number is too low. Times are tough and getting worse.-Lou

Payrolls plunge 598,000, the most since 1974

Unemployment rate jumps to 7.6% on widespread job losses

WASHINGTON (MarketWatch) - The fury of the recession intensified in January, as the unemployment rate jumped to 7.6% while nonfarm payrolls fell by the largest amount in 34 years, the Labor Department reported Friday.

Nonfarm payrolls fell by a seasonally adjusted 598,000 in January after a revised loss of 577,000 in December, the government said. It's the largest payroll loss since December 1974, according to a survey of workplaces. Payrolls fell by 597,000 in November.

"Job losses were large and widespread across the major industry sectors," said Keith Hall, head of the Bureau of Labor Statistics. Manufacturing saw its largest decline in 26 years.

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