Jobless rate jumps to 7.2 percent in Dec. 2008

524, 000 jobs (Revised: 584,000 in November, 423,000 in October) are slashed by nervous employers, and it was the highest level in 16 years and one of the worst years in "modern history for American workers"

The average work week in December were cut to 33.3 hours, which was the lowest on records since 1964 and a sign of more job reductions ahead.

In 3008, a net total of 2.6 million jobs were lost. It was the first time the payrolls had been cut for a full year since 2002, and was the most since 1945, when above 2.8 million jobs were gone.

The nation's jobless rate: 4.6 percent in 2007, 5.8 percent in the beginning of 2008, 7.2 percent now. Now 11.1 million people were unemployed, and 8 million were working part time.

Job losses were across the board: Construction 101,000; Manufactures: 149,000;Professional & Business Services: 113,000; Retailers: 67,000; Leisure and hospitality: 22,000. Job gains in the following: Education and health care, and the government.