Job seekers line up for a career fair in Concord, California. (Getty Images)

Andrew Torgan
CNN Financial News Producer

The U.S. economy lost 524,000 jobs in December, bringing the total number of jobs lost in 2008 to 2.6 million. That’s the highest yearly total since 1945 when soldiers began returning home and factories started to wind down wartime operations. And the unemployment rate rose to 7.2% from 6.7% in November. That’s the highest level in 16 years.

Stocks actually opened higher following that jobs report as even though the numbers were dismal, many people thought it was going to be a lot worse. But the rally was short-lived and the Dow quickly turned lower by triple digits.

President-elect Barack Obama's economic team is considering an overhaul of the $700 billion Wall Street bailout program. When Congress approved the bailout in October, it gave the Treasury Dept. access to half the money. Treasury has not asked Congress to release the other half of the money and Congress has not moved to release it. Lawmakers are unhappy the program has failed thus far to ease the nation's credit crunch or help revive the economy. In light of those concerns, Obama’s team is considering a number of ways to alter the program, including:

- Allowing bailout money to be used to help some homeowners facing foreclosure.

- Freeing up the credit markets for loans to people, local governments and small businesses.

- Having the government take a bigger stake in financial firms by putting more money into them. In exchange, there would be greater limits on CEO compensation and more taxpayer protections.

- Consider creating a new bureau within Treasury for the bailout. Its goal would be to ensure greater oversight and better management.

Why is the Obama team considering such an overhaul? A report expected today says the Treasury Dept. has failed to reveal its strategy for stabilizing the financial system, failed to answer questions asked by a government watchdog and has done nothing to help struggling homeowners. A draft report issued by the five-member Congressional oversight panel says there appear to be “significant gaps” in Treasury's ability to track hundreds of billions of dollars of taxpayer money.

Gas prices are up for the 10th straight day. Gas rose 2 cents to $1.782 a gallon. The current national average is now $2.33 below the record high price of $4.114 that AAA reported on July 17, 2008. Two states have regular unleaded gas prices of $2 and higher. 48 states and the District of Columbia have regular unleaded gas prices below $2. The most expensive gas in Alaska ($2.524), while the cheapest is in Wyoming ($1.450)

Crude oil fell below $40 a barrel after the jobs report fueled concerns about weaker demand for petroleum products in an ailing economy.

And finally… could Triple H, Hacksaw Jim Duggan or the Wild Samoans find themselves joining the ranks of the unemployed? World Wrestling Entertainment, the company behind “Raw” and “Friday Night SmackDown,” is cutting about 10 percent of its workforce as part of an overall cost-cutting plan.