Employment Rate at a New High
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Employers cut jobs in July for the seventh straight month, while the unemployment rate hit a four-year high, according to a government report released Friday.
The Labor Department reported a net loss of 51,000 jobs in the month. Economists surveyed by Briefing.com had been forecasting a loss of 75,000 jobs in the latest report.
The latest report brought job losses this year to 463,000. The June job loss number was revised to 51,000.
The unemployment rate rose to 5.7% from a 5.5% reading in June. It was the worst reading since March 2004, and slightly worse than economists’ forecast of a 5.6% rate.
The rate has now jumped a full percentage point from a year ago.
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