THE EMPLOYMENT SITUATION: JANUARY 2009
Nonfarm payroll employment fell sharply in January (-598,000) and the unem-
ployment rate rose from 7.2 to 7.6 percent, the Bureau of Labor Statistics of
the U.S. Department of Labor reported today. Payroll employment has declined
by 3.6 million since the start of the recession in December 2007; about one-
half of this decline occurred in the past 3 months. In January, job losses
were large and widespread across nearly all major industry sectors.
Both the number of unemployed persons (11.6 million) and the unemployment
rate (7.6 percent) rose in January. Over the past 12 months, the number of un-
employed persons has increased by 4.1 million and the unemployment rate has
risen by 2.7 percentage points.
Employment Report is Damn Ugly