U.S. unemployment hits 16-year high: 7.2%

The Labor Department says 524,000 jobs were lost in December, bringing the total for 2008 to 2.6 million. ‘The jobs market is still in a free-fall,’ one economist says.
By Maura Reynolds (LA Times)
Reporting from Washington — The nation’s unemployment rate soared to its highest level in 16 years last month, reaching an eye-popping 7.2% as businesses slashed their payrolls by 524,000 jobs in December, the government reported today.
All together, 2.6 million jobs were lost in 2008 — 75% of them in the last four months — and 11.1 million workers are now unemployed, the Labor Department said. And that’s not counting millions more who have reluctantly taken part-time work instead of full-time jobs or have become so discouraged they stopped looking for a new job.








