WASHINGTON - The U.S. government says American employers slashed payrolls by 598,000 in January, the most since the end of 1974, catapulting the unemployment rate to 7.6 per cent.
The Labour Department's report is grim proof the job climate is deteriorating at an alarming clip with no end in sight.
Job losses were far worse than the 525,000 economists expected. So was the rise in the unemployment rate, now at the highest since September 1992.
