Jobless rate jumps to 7.2 percent in Dec.

The U.S. unemployment rate bolted to 7.2 percent in December, the highest level in 16 years, as nervous employers slashed 524,000 jobs. The labor market is expected to remain weak as mass layoffs continue.

Ohhhh, well......

Employers cut jobs by most in more than 5 years

In this July 30, 2008 file photo, Donte Walker reads job listings at the employment training facility, JobTrain, in Menlo Park, Calif. New applications for unemployment benefits rose slightly last week to a seven-year high due to a weakening economy and the impact of Hurricanes Ike and Gustav, the Labor Department said Thursday, Oct. 2, 2008. (AP Photo/Paul Sakuma, file)

Employers slashed payrolls by 159,000 in September, the most in more than five years, a worrisome sign that the economy is hurtling toward a deep recession.