598,000 jobs lost in January, Obama appoints economic advisers for recovery[SIZE=-1]Almost 598,000 jobs were cut in January, pushing the unemployment rate to 7.6 percent, according to numbers released Friday by the Labor Department.
The number of unemployed people rose to 11.6 million in January, the Bureau of Labor Statistics found. That's 4.1 million who have joined the ranks of the unemployed in the last 12 months.
After the release of the employment statistics, President Barack Obama announced his picks for the newly-created Economic Recovery Advisory Board. Former Federal Reserve Chairman Paul Volcker will head the team of leaders from business, labor, and academia.
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