February 6th, 2009
09:15 AM ET
9 years ago

Job loss: Worst in 34 years

NEW YORK (CNNMoney.com) - Employers slashed another 598,000 jobs off of U.S. payrolls in January, taking the unemployment rate up to 7.6%, according to the latest government reading on the nation's battered labor market.

The latest job loss is the worst since December 1974, and brings job losses to 1.8 million in just the last three months, or half of the 3.6 million jobs that have been lost since the beginning of 2008.

January's job loss was also worse than the forecast of a loss of 540,000 jobs from economists surveyed by Briefing.com

The rise in the unemployment rate also was worse than the 7.5% rate economists expected. The unemployment rate is now at its highest level since September, 1992.

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Filed under: Economy
soundoff (37 Responses)
  1. Larry


    Please people, read up on the issues before commenting. Things went south in the last 2 years of GWB, when dimocrats controlled congress.
    The banking disaster is a result of programs put in place during Clinton that caused a temporary rise in employment and revenue but resulted in the housing bubble. GWB tried to put an end to it but congress, yes dimocrats, stopped him again.

    Why doesn't the media educate people with the truth like this persons post???

    February 6, 2009 10:26 am at 10:26 am |
  2. diabetic

    The hardest thing for me about being without a job is that I am diabetic and have a lot of medical costs... and I cannot get health insurance unless I am a member of a Group... my job provided that... now there is no job for me to provide health insurance... I hope that something will be done to help people in my situation.

    February 6, 2009 10:29 am at 10:29 am |
  3. Lisa, Atlanta GA

    Obama Victim, obviously you cannot read and/or comprehend. The article clearly states IN THE VERY FIRST SENTENCE that this was the job loss for January. Obama took the oath on January 20th. Now, can you think back that far and tell me who was in charge 8 years prior to that? No one and I mean no one can turn around 8 years of mess in 2 weeks!

    February 6, 2009 10:31 am at 10:31 am |
  4. Larry Houston Texas

    Funny thing here is.....we're still building more starbucks.....not to mention more strip malls / houses & etc..... The only thing that is
    going out of business here is Circuit city / & Texas Instruments is cutting a few, but thats about it.......There's a lot of money moving around here....

    February 6, 2009 10:31 am at 10:31 am |
  5. NY republican

    OK – one more time – I'm trying another tack to get my question answered. The question is "why is a democrat "tax credit" good and a Republican "tax cut" bad? Let me try it this way, Why is paying more taxes (this means having less money to spend) going to give the consumer more money to spend which is the only real way to "stimulate" a supply and demand economy? This is not rocket science, you need to be able to keep the money you earn so you can but cars, T.V.'s, refrigerator, etc. that will allow all those south of the border where our NAFTA (Clinton) jobs went. Oops, that won't work either. It seems that the NAFTA job loss artery is still bleeding manufacturing jobs. Thanks Billy Boy!!

    February 6, 2009 10:31 am at 10:31 am |
  6. Niko Belic

    CNN please post my comments

    This is what happens when people become fat, lazy and greedy. We expect to be paid a lot more than anyone one else in the world and to
    always have a job...well we should wake up and smell the roses...there are people around the world willing to do the same job better than us and for less pay...its seems that the rest of the world simply has woken to capitalism...and is taking it to their advantage..."buy American products only clause"- Obama...right genius...i'm sure that companies that are trying to cut costs will buy products made in America that are much more expensive....i think we inflated someone's ego a tad too much for his to jam this stimulus down our throats...the economy will fix itself when people themselves wise up to the times and understand the importance of a good education....

    February 6, 2009 10:37 am at 10:37 am |
  7. kelly WI

    A trillion dollars would buy Microsoft, Google, Pepsi-Co and Cocaola.
    A trillion is more than what was spent on Iraq and Afghanistan for 8 years.
    And the dems want to spend (borrow) the same in one day.
    The states are out there begging for money to pay for their social programs which thru them in debt.
    More money for those on the public payroll. More gov. hiring to grow the government.
    Just wait until the bill comes due and your taxes go up to pay for it.
    The congress just increased their "allowance" to a million a year. It costs a lot to fly back and forth etc. Thats their petty cash on top of their wages. Each.
    Obamas out their fear mongering and scaring every one. Every one is a victim and every thing is a crisis.
    The press has to stand behind him to save face.
    Give him a chance my foot. Once the money is blown you can't get it back. Just a crap shoot like a casino.
    And WE get stuck with the bill.
    This is nothing compared to the Carter years. Some of us remember that time.
    How many more trillions will they add on when they get to the budget for next year? How many more billions to pay off countries? I see Obama gave Palestine 20 million the other day for reconstruction.

    February 6, 2009 10:42 am at 10:42 am |
  8. jbee

    Okay...Obama was handed a country that's a complete mess due to the incompetence of the last 8 years of Republican rule. You (the media) cannot expect him to fix this in a day or even a year. Lay off and let the guy work. He has the right ideas so let him implement him before you start calling him a dud of a president.
    It boggles my mind how you can seriously expect him to fix the largest country in the world in a matter of days. He's not God for Christ sake!!

    February 6, 2009 12:25 pm at 12:25 pm |
  9. Jon in CA

    Scott writes,


    Ummm Scott... actually – this is what we get when President Clinton & Democrats demand banks give high-risk loans to unqualified applicants ... and then fail oversee Fannie-Mae.

    This is what we get when Congress is controlled by DEMOCRATS for the last 2+ years.

    This is what we get when democrats think paying taxes is "optional" – hence all the "disclosures" we're now seeing as Obama nominees.

    February 6, 2009 12:28 pm at 12:28 pm |
  10. Obama Victim sux

    REPUBLICANS always deny reality.

    they created this mess

    the slide downward began WAY before the Democratic congress of '07. When they tried to do something republicans filibustered it!

    Larry.... that little factoid is for YOU

    February 6, 2009 12:28 pm at 12:28 pm |
  11. he is NOT the chosen one after all

    the jobless rate is almost approaching the 55 million monthly job loss that pelosi says is happening each month..how are you a house leader, must be a dumbocrat.

    February 6, 2009 12:28 pm at 12:28 pm |
  12. Snake eyes


    February 6, 2009 12:34 pm at 12:34 pm |
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