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Today’s report from the Bureau of Labor Statistics is the latest evidence that the U.S. economy is contracting greatly. Payroll employment declined by 598,000 in January, bringing the total job loss since the recession began in December 2007 to 3.6 million. This is the largest 13-month job loss since the payroll employment series began in 1939. The unemployment rate rose from 7.2 to 7.6%, bringing the number of unemployed Americans to 11.6 million.
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