Payrolls plunge by 598,000, the most since 1974 Unemployment rate jumps to 7.6% on widespread job losses

The fury of the recession intensified in January, as the unemployment rate jumped to 7.6%, and nonfarm payrolls fell by the largest amount in 34 years, the Labor Department reported Friday.

Nonfarm payrolls fell by a seasonally adjusted 598,000 in January after a revised loss of 577,000 in December, the government said. It's the largest payroll loss since December 1974, according to a survey of workplaces. Payrolls fell by 597,000 in November.