Most Jobs Lost In 34 Years
U.S. employers slashed 598,000 jobs in January, the biggest monthly loss in 34 years, and the jobless rate soared to a 16-year peak, putting pressure on lawmakers to act quickly to counter a deepening recession. "The economy is just falling into oblivion and it will get worse," said Greg Salvaggio, vice president for trading at Tempus Consulting in Washington. The latest bad economic news, contained in a report from the Labor Department on Friday, came as the Senate was aiming for a night-time vote on a package of measures to spur the economy that could cost $780 billion or more.
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