The number of cuts by employers is the biggest for any single month since 1974, according to the Labor Department. The unemployment rate climbs to 7.6%.
By Maura Reynolds and Walter Hamilton February 7, 2009
Reporting from Washington and New York -- Spooked by the deteriorating economy, businesses are continuing to shed jobs at an alarming pace, pushing the unemployment rate to 7.6%, its highest level in 16 years.
The government Friday gave its latest damage report: 598,000 jobs lost in January, the biggest for any single month since 1974.