The US has seen the first decline in employment since August 2003, providing fresh evidence that the US economy could be entering a recession.

Employers cut 17,000 jobs from their payrolls in January, Labor Department figures showed. Economists had been expecting a rise of 80,000. [Read]

No matter what the politicians say, the economy has to correct for excess. Bush and others seem surprised by the data, and want those "stimulus" checks sent out quicker.

Highlights:

- Manufacturing jobs declined by 28,000.
- Factory jobs have declined for 19 straight months, having has lost 269,000 jobs in the last year.
- Construction jobs down 27,000, the seventh straight decline, 284,000 workers since a 2006 peak.