US loses more jobs in sign of free-fall

Source: Agencies  |   2009-1-10  |     NEWSPAPER EDITION

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The United States lost more jobs last year than any year since 1945 as employers fired another 524,000 people last month, indicating a free-fall in the economy just days before President-elect Barack Obama takes office.

The Labor Department reported that the nation lost 2.589 million jobs last year, with the unemployment rate climbing more than economists forecast, to a 15-year high of 7.2 percent last month. Yesterday's figures will intensify pressure on US law makers to speed Obama's recovery program, which may exceed US$775 billion, through Congress in an effort to save or create 3 million jobs.

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