US job loss figures have been revised upwards underlining the severity of the recession but failing to deter investors.
The US Labor Department now says 598,000 Americans became unemployed during January. It was the worst month of job losses in 34 years and puts the unemployment rate at
7.6 per cent from 7.2 per cent the previous month. America's unemployment rate is at its highest since September 1992.
President Barack Obama is again stressing the urgency of pushing through a $US937 billion stimulus package, which he wants back on his desk in the next 10 days.
"These are extraordinary times. For far too many Americans the future is filled with unanswered questions. Can I get a job? Will my family be able to stay in their home? Will I be able to retire with dignity, see my children lead a better life?"
However, Wall Street investors are talking the gloomy employment figures in their stride. The Dow Jones Industrial Average is up more than two percent, with Bank of America shares 20 per cent higher and technology stocks also making gains.
Investors believe Washington will now act quickly to deliver the stimulus package to boost the economy.
- Newstalk ZB
