The Labor Department report on Friday was grim: the U.S. lost 598,000 in January and the unemployment rate rose to 7.6%. This is its highest level in more than 16 years.
Additionally, the report stated that in the last three months, the unemployment rolls increased by 1.77 million. Nearly 2 million in three months, if you can believe it.
Economists had expected an already huge 524,000.
Additionally, the Labor Department adjusted figures for December, upwards. For December, the report revised the job loss to 577,000 compared with an initial figure of 524,000.
At the same time, in an early morning press conference, Democrats spoke of a great need to pass the economic stimulus package as quickly as possible.
Additionally, during the press conference, it was noted that within the report, there was absolutely no good news at all. There were no positive moves in any economic indicators.
Frankly, the time for partisan politics is over and something must be done. The Senate continues to debate the stimulus while Americans continue to drop into the unemployment rolls.
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