US Economy: Payrolls Post Biggest Annual Decline Since 1945 - Bloomberg

Jan. 9 (Bloomberg) -- The U.S. lost more jobs in 2008 thanin any year since 1945 as employers fired another 524,000 peoplein December, indicating a free-fall in the economy just daysbefore President-elect Barack Obama takes office.

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unemployment rate climbed more thaneconomists forecast, to 7.2 percent in December, the highestlevel in almost 16 years. Today’s figures will intensify pressure on U.S. lawmakers toact quickly on Obama’s recovery program, which may exceed $775billion and aims to save or create 3 million jobs. They alsounderscore the urgency of the Federal Reserve’s $200 billioninitiative to restart consumer financing markets that’s scheduledto begin next month.

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