U.S. Unemployment Hits 7.6 Percent
With little surprise but incredible effect, the U.S. unemployment rate rose to 7.6 percent in January, hitting its highest level since 1992. President Obama used the report to prod Congress to pass his economic stimulus package.
Wait, before you go…
The US unemployment rate rose to 7.6% in January, up from 7.2% in December, according to official figures.
The rise puts the unemployment rate at the highest level since 1992.
According to the US Labor Department, the economy lost 598,000 non-farm jobs for the month, and it also revised upwards the job losses for December.
Commenting on the figures, President Obama said the “the situation could not be more serious” and added that “these numbers demand action”.
He urged the Congress to pass his economic stimulus package without delay and “not to get bogged down in distraction and delay while millions of Americans are being put out of work”.
If you're reading this, you probably already know that non-profit, independent journalism is under threat worldwide. Independent news sites are overshadowed by larger heavily funded mainstream media that inundate us with hype and noise that barely scratch the surface. We believe that our readers deserve to know the full story. Truthdig writers bravely dig beneath the headlines to give you thought-provoking, investigative reporting and analysis that tells you what’s really happening and who’s rolling up their sleeves to do something about it.
Like you, we believe a well-informed public that doesn’t have blind faith in the status quo can help change the world. Your contribution of as little as $5 monthly or $35 annually will make you a groundbreaking member and lays the foundation of our work.Support Truthdig