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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Search Search: US jobless rate hits 7.6 pct, raises stimulus stakes AFP - Saturday, February 7 WASHINGTON (AFP) - - US unemployment rose in January to the highest level since 1992 as 598,000 jobs were lost, based on data Friday highlighting a deepening recession and raising pressure on lawmakers debating a huge stimulus plan. ADVERTISEMENT The jobless rate jumped to 7.6 percent from 7.2 percent in December. The number of jobs lost was the worst since 1974 and the fifth highest since records were kept, according to the Labor Department nonfarm payrolls report. "The expectations were for a disastrous January for the labor market, and the preliminary numbers exceeded these expectations," said Sophia Koropeckyj at Economy.com. Ian Shepherdson, chief US economist at High Frequency Economics, called the data "another horrific report, showing job losses across the economy." "If ever there were an economy in need of stimulus, this is it," he said. Christina Romer, chair of President Barack Obama's Council of Economic Advisers, said the report showed the largest 13-month job loss since the payroll employment series began in 1939. "These numbers, and the very real suffering of American workers they represent, reinforce the need for bold fiscal action," she said in a statement. "If we fail to act, we are likely to lose millions more jobs and the unemployment rate could reach double digits." The report comes with the US Congress debating a massive stimulus to revive an economy reeling from a housing collapse that spread to the financial and manufacturing sectors and has dented consumer confidence and spending, the main driver of economic activity. "The economy needs some jump-start and with businesses and households assuming the turtle position, that will have to come from the government," said Joel Naroff at Naroff Economic Advisors. "We need a stimulus bill that creates new demand and builds some confidence that we can and will get out of this mess." Obama's administration is due to announce Monday a new effort to stabilize banks in an effort to ease a crippling credit crunch and get credit flowing again. The recession deepened in the fourth quarter with an annualized decline in activity of 3.8 percent, yet some analysts say the first quarter of 2009 could be even worse. "This report only established the urgency to pass whatever stimulus package and (bank) rescue package comes next week," said Jon Ogg at 24/7 Wall Street. "This is going to get worse. Much worse. President Obama has already warned in many of his speeches that millions more jobs will be lost." The department also revised up its estimate of December job losses to 577,000 from 524,000. Payroll employment, one of the best indicators of economic momentum has declined by 3.6 million since the start of the recession in December 2007, with around one-half of the decline in the past three months. The unemployment rate, which rose sharply from 7.2 percent in December, was the highest since September 1992. The report showed 11.6 million unemployed people in the labor force, which was reduced by over 700,000 people who stopped searching for work. "If you look at the details it's even weaker than the headline numbers," said Julia Coronado, economist at Barclays Capital. Coronado said the household survey, used to calculate the unemployment rate, was even worse than the employer survey to calculate job losses. "The household survey is showing a rapid deterioration and much larger job losses, it suggests 1.2 million jobs lost which explain why the unemployment rate jumped so much," she said. "This report is weak across the board, virtually every major sector is shedding jobs ... whether this is the peak or not, it's hard to say." Manufacturing shed 207,000 jobs in January, the largest one-month decline since October 1982. In other sectors, construction lost 111,000 jobs and the retail sector shed 45,000. The financial sector axed 42,000 over the month and by 388,000 since a peak in December 2006. Health care and government were among the few sectors showing gains. But the service sector overall, which represents about 85 percent of nonfarm employment, lost 279,000 jobs in the month, with the goods-producing sectors losing 319,000. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Enlarge Photo Job seekers wait in line to speak with prospective employers at a job fair in Chicago, Illinois on February 5, 2009. US unemployment rose in January to the highest level since 1992 as 598,000 jobs were lost, based on data Friday highlighting a deepening recession and raising pressure on lawmakers debating a huge stimulus plan. Most Popular – Top Stories Viewed Bus-sized boa slithers into record books Toyota warns of 4.9 bln dollar annual loss French 'rogue trader' blames bosses 'Horrifying' year for SAS ends with losses, layoffs Volvo Group reports big loss but share price soars View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. 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