More bad economic news was delivered today, as the U.S. Labor Department reported the nation lost 524,000 jobs in December. Those job losses pushed the unemployment rate jumped to 7.2%, the highest since early 1993, and for all of 2008, the economy lost a net total of 2.6 million jobs. The 2.6 million jobs lost in 2008 is the most jobs lost since since 1945, when nearly 2.8 million jobs were lost.
Given these most recent numbers, it’s safe to say president-elect Barack Obama has a tall order ahead of him if he’s going to work with Congress to get the economy back on track.
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