U.S. Unemployment Rate Highest Since 1992

The U.S. Labor Department has released its latest figures for unemployment and the 7.6% rate for January represents the largest jobless rate in the United States since 1992.

That 7.6% represents 598,000 non-farm jobs, up from the revised December figures that jumped from 524,000 to 577,000. The continued slide in the U.S. employment rate is further confirmation that the recession that has gripped the economy continues to deepen.

Economists had predicted a much lower figure prior to the U.S. Labor Department report and with the new numbers many expect the slide to worsen.

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