President Barack Obama will formally introduce the members of the economic advisory panel on Friday as he moves to steer the economy out of a deepening crisis.

The announcement comes as the Labor Department reported that U.S. employers slashed 598,000 jobs in January, the deepest cut in payrolls in 34 years and the jobless rate shot up to 7.6 percent. The further job cuts highlights the deepening recession that is affecting the economy.

Obama and Paul Volcker, chairman of the newly formed Economic Recovery Advisory Board, will announce the members of the board at 11:15 am EST today.

The members are diverse, ranging from business, economic and labor leaders. The board will focus on short-term measures to stimulate the economy as well as longer-term efforts to restructure the regulatory apparatus overseeing financial markets.

Austan Goolsbee, a University of Chicago economist and close campaign aide, will be its executive director.

Below is the full list of the advisory board:

William H. Donaldson, Chairman, SEC

Roger W. Ferguson, Jr., President & CEO, TIAA-CREF

Robert Wolf, Chairman & CEO, UBS Group Americas

David F. Swensen, CIO, Yale University

Mark T. Gallogly, Founder & Managing Partner, Centerbridge Partners L.P.

Penny Pritzker, Chairman & Founder, Pritzker Realty Group

John Doerr, Partner, Kleiner, Perkins, Caufield & Byers

Jim Owens, Chairman and CEO, Caterpillar Inc.

Monica C. Lozano, Publisher & Chief Executive Officer, La Opinion

Charles E. Phillips, Jr., President, Oracle Corporation

Anna Burger, Secretary-Treasurer, SEIU

Richard L. Trumka, Secretary-Treasurer, AFL-CIO

Laura D'Andrea Tyson, Dean, Haas School of Business at the University of California at Berkeley

Martin Feldstein, George F. Baker Professor of Economics, Harvard University

Jeffrey R. Immelt, CEO, GE