January was a record month for layoffs, topping out at nearly 600,000. The U.S. unemployment rate now stands at 7.6 percent, the highest it has been since September 1992, according to the latest reports.
January’s job loss is the worst monthly total since December 1974. During the last three months, 1.8 million jobs have been cut.
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CNNMoney: Job loss: Worst in 34 years