The economic crisis gripping the nation intensified Friday as two reports quantified the deepening slide. The monthly report of the federal Department of Labor found that employers cut 524,000 jobs last month – the latest in a series of alarming monthly job losses that added up to a total of 2.45 million jobs lost during all of 2008. There is widespread agreement among economists that the huge monthly job losses are far from over.

In addition, the International Council of Shopping Centers reported that industry sales fell 2.2 percent for the holiday shopping season, the biggest decline in nearly 40 years. Industry analysts said the season’s dismal results will almost certainly produce a wave of store and shopping-mall closing in the coming months.

• Jobless Rate Hits 7.2%, a 16-Year High (The New York Times)
• After Weak Holiday Sales, Retailers Prepare for Even Worse (The New York Times)
• Employment Situation Summary (Bureau of Labor Statistics)

- The Editors