Economy losses almost 600,000 jobs in January, most since 1974; unemployment reaches 7.6%.

The recession was still in full swing in January with 598,000 net loss jobs and 3.6 million net jobs since the recession began in December of 2007.  Almost half of that total occurred in the last three months (each of which had a net loss of over 500,000 jobs).   Unemployment increased for all groups to 7.6%, but blacks (whose unemployment increased from 11.9% to 12.6%) and Latinos (which increased from 9.2% to 9.7%) were hit hardest.  Adult black males (age 20 and over) saw their unemployment reach 14.1%, the highest since 1984.   The share of the population that was employed decreased another 0.5% to 60.5%--the lowest since 1986.  The number of people who were either unemployed, marginally attached to the labor force or working part-time for economic reasons reached 13.9%, up 5.2% since the recession began.