Friday, January 09, 2009

U.S. unemployment hits 16-year high: 7.2% - Los Angeles Times

More at Los Angeles Times: “Reporting from Washington -- The nation's unemployment rate soared to its highest level in 16 years last month, reaching an eye-popping 7.2% as businesses slashed their payrolls by 524,000 jobs in December, the government reported today.

All together, 2.6 million jobs were lost in 2008 -- 75% of them in the last four months -- and 11.1 million workers are now unemployed, the Labor Department said. And that's not counting millions more who have reluctantly taken part-time work instead of full-time jobs or have become so discouraged they stopped looking for a new job.”

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