The  U.S. economy suffered another horrendous month of job losses in January, shedding 598,000 jobs, which was the worst single month for employment in the U.S. since 1974. While the report was worse than expected – the consensus was looking for a 540,000 decline in jobs in January, the unemployment rate rose more than expected to 7.6% and there were sizeable downward revisions to job counts in prior months – financial markets shrugged off the news, looking ahead to the bank rescue plan to set to be announced this week.

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