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Unemployment rate highest in 17 years

The U.S. economy lost 598,000 jobs in January, making the current unemployment the highest since 1992, the Washington Post reported.

Jobs have been cut at a pace of 500,000 per month for the last three months, and economists do not expect the economy to begin bouncing back until July at the earliest, The New York Times reported.

There has also been a decline in job hunters, which is yet another signal of economic weakness. Currently 11.6 million people are out of work. The Washington Post

President Barack Obama urged Congress to pass the economic stimulus package as this news hit.

“The situation could not be more serious. These numbers demand action,? Obama said. “It is inexcusable and irresponsible for any of us to get bogged down in distraction and delay and politics as usual while millions of Americans are being put out of work. It is time for Congress to act.?

Last month was the largest one month job loss since December of 1974. Washington Post