3.5 million jobs lost so far

The January employment report released this morning by the Bureau of Labor Statistics shows that the U.S. economy has shed nearly 3.5 million jobs since the start of the recession in December 2007, with 2.8 million jobs lost in the last five months. With the unemployment rate now at 7.6%, it is at its highest level in over sixteen years. “Since the start of the recession, the U.S. economy has shed more jobs than the total population of Chicago. This morning’s jobs report is yet one more demonstration of the fact that the rug has been pulled out from under working families in this country and it underscores the urgency of passing an effective stimulus package that matches the scope of the problem,” said EPI economist Heidi Shierholz. She will have a detailed analysis in the JOBS PICTURE later this morning.