Jobs are vanishing at the fastest pace in more than five years with pink slips likely to keep stacking higher in the months ahead,

an urgent signal the country may be careening toward a deep and painful recession just as Americans prepare to elect a new president.

 It was the ninth straight month of job losses.

Over the last year, the number of unemployed people has risen by 2.2 million to 9.5 million.

Even with Congress' unprecedented $700 billion financial bailout, the faltering economy and the jobs market probably will get worse.

The unemployment rate could hit 7 or 7.5 percent by late 2009.

 If that happens, it would mark the highest since after the 1990-91 recession.

Some economists say the jobless rate could rise even more before the situation starts to get better.