Number of U.S. jobs lost in January, “the first time in nearly 4-1/2 years that U.S. payrolls shrank.” The report of January’s losses comes just after President Bush triumphantly declared in his SOTU address that “America has added jobs for a record 52 straight months.” “This is the clearest signal yet that the job market is either in or teetering on a recession,” said Jared Bernstein, senior economist at Economic Policy Institute.

UPDATE: Paul Krugman writes that “the jobs picture looks moderately dire.”