Recession Has Cost Economy 3.6 Million Jobs

The U.S. economy has lost 3.6 million jobs since the current recession began in Decmber 2007, according to a report from the Bureau of Labor Statistics.

The economy lost 598,000 non-farm payroll jobs in January, and unemployment rose from 7.2 percent to 7.6 percent, according to the same report--the largest 13-month job loss total since the Department of Labor began producing its monthly employment reports in 1939.

President Obama issued a statement calling for action from Washington, as the Senate continues to debate a modified version of his economic stimulus package.

"These numbers, and the very real suffering of American workers they represent, reinforce the need for bold fiscal action. If we fail to act, we are likely to lose millions more jobs and the unemployment rate could reach double digits," Obama said. "Prompt, well-designed fiscal policy is necessary to stop the decline and heal the economy. The American people are counting on leadership from Washington to help the economy recover and lay the long-term foundation for long-term economic growth."