Unemployment at a Four-Year High
Posted on Aug 1, 2008
A government report released Friday signals worsening economic tides as the U.S. tries to navigate through its highest level of unemployment in four years. The seven-month-long trend of net job losses is likely to persist, with few signs of a turnaround on the horizon.
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.
Oddly enough, Labor Secretary Elaine Chao, who has overseen the past seven months of unemployment increases, still has her job.