(NECN/ABC) - High anxiety stretches across the country this morning, as stock markets plummet, with investors nervous about a new jobless report that was just released this morning. The report shows how slow the job market is to recover, as other sectors of the economy show improvement. Yes, things are moving in the right direction but at a snail's pace.
Even Los Angeles Mayor Antonio Villaraigosa has ordered immediate layoffs of 1,000 city employees.
The January unemployment rate unexpectedly dropped to 9.7%, although employers cut more jobs from their payrolls than economist predicted. The worst than expected monthly job losses come amidst a revision that shows that overall 8 million jobs have been cut during the Recession Speaking at a fundraiser last night, the President insisted his top priority is putting people back to work.
ABC's Viviana Hurtado reports.
