U.S. job lost the worst in 5 years

Main Street was really hurting as the U.S. economy lost 159,000 jobs in September, the worst since March 2003, the Labor Department reported Friday. Job losses in September was more than double the cuts made just one month before and double the average monthly loss this year.

It was the ninth straight month of job losses. An astounding 760,000 jobs have disappeared so far this year, a critical signal the country may be reeling toward a deep and painful recession. The employment report is just the latest in a series of indicators showing that the economy was deteriorating rapidly as the third quarter progressed.

The Labor Department's report, released Friday, also showed that the nation's unemployment rate was 6.1 percent, up sharply from 4.7 percent a year ago. Over the last twelve months, the number of unemployed people has risen by 2.2 million to 9.5 million.

Chart: MarketWatch