(AP) - President Barack Obama announced a team ofoutside economic advisers Friday to help boost a U.S. economy in a virtualfree fall.

The president signed an executive order creating the EconomicRecovery Advisory Board, headed by former Federal Reserve ChairmanPaul Volcker. Obama planned to introduce members of the team at aWhite House ceremony Friday morning.

His announcement came as employers eliminated 598,000 jobs inJanuary, the most since the end of 1974, and the unemployment ratesoared to 7.6 percent

In a statement, the White House said the board will offerindependent advice in regular briefings to the president, vicepresident and their economic team.

The White House said the board's initial focus will be programsto "jump-start economic growth."