FXstreet.com (Barcelona) - U.S. economy has continued destroying employment at a very fast pace in January, Non farm payrolls have posted in the largest decline since 1974, while the unemployment rate rose to its highest level since 1992.

According to data released by the U.S. Labor Department, non-farm employment has declined by 598,000 in January, following a revised 577,000 decline in December, revised down from the 524,000 decline previously estimated. Since the start of the recession, in December 2007, there has been a 3.6 millions net loss of payroll employment.

Unemployment rate has jumped in a month from 7.2% to 7.6%. In the last 12 months the unemployment rate has increased 2.7% in the U.S. and 4.6 millions of workers have lost their jobs.

Employment declined in all main sectors of economy, with manufacturing being the worst performer, losing 207,000 jobs in January, followed by construction with a net loss of 111,000 jobs, and retail trade employment, with 42,000 jobs lost.

The average workweek has remained unchanged at 33.3 hours, while average hourly earnings have increased 0.3% on the month and 3.9% from January 2008.