The markets and exchange traded funds (ETFs) are rallying in spite of a gloomy report about job losses that far exceeded expectations.

Heavy Losses. In January, the economy lost 598,000 jobs. The losses were spread across the manufacturing and services industries. The numbers put the unemployment rate at 7.6%, the highest level in more than 16 years, reports Edmund L. Andrews for The New York Times. It’s also the largest single-month job loss since the economy entered into a recession in December 2007.

The losses were spread around every industry, except health care. Manufacturers shed the most since 1982; construction and retailers lost 111,000 and 45,000, respectively.

Team in Place. President Barack Obama has a new economic recovery team in place, and used the jobs report to stress the importance of an economic recovery package, says Philip Elliott for the Associated Press. He also addressed criticism of the size of the package and said it’s the right size for what it needs to accomplish.

Automaker Troubles. No automaker has been left untouched by the economic slowdown – Toyota has forecast its first annual net loss since 1950, says Yuri Kageyama for the Associated Press. The fourth-quarter estimated loss is $1.8 billion, and it’s just the latest Japanese company on a list of those expecting to end the year in the red.

Oil at the Bottom? The price of a barrel of oil fell below $40 after the jobs report came out, says Mark Shenk for Bloomberg. OPEC is keeping watch on the results of its production cuts in order to decide whether more cuts are needed when it meets on March 15.

Tags: Automobiles, Commodity ETFs, Energy, Obama, Oil, Sector ETFs