US NFP reports 524,000 lost jobs in December, US unemployment reaches 7.2%

The total number of jobs lost in 2008 is 2.6 million. That is the most jobs lost since 1945. The unemployment rate finished the year at 7.2% the highest since 1993 and 0.2% higher than analysts had predicted.

Construction, Factories and Service Business were the hardest hit sectors combining for more than 360,000 lost jobs. Retailers lost 67,000 but it is expected they will report more losses in January as the holiday seasons numbers are reported.

As more companies announce massive layoffs the employment outlook looks grim as the economic recession enters its second year. President Elect Obama is aware of the challenges a potential double digit unemployment figure could bring to the American people and is ready to take action via a massive tax cut package in the neighborhood of $775 billion

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