The U.S. Bureau of Labor Statistics today released the unemployment figures for January showing that the economy shed 598,000 jobs last month, bringing the unemployment rate to 7.6 percent, its highest level in 16 years.
The number of new jobless claims jumped last week as mass layoffs continue to take their toll on the economy.
WASHINGTON -- New jobless claims jumped far more than expected last week in an already dismal labor market, and there's no relief in sight for workers as mass layoffs persist.