The nation’s unemployment rate climbed to a four-year high of 5.7 percent in July as employers cut 51,000 jobs, dashing the hopes of an influx of young people looking for summer work, the Associated Press reports.
Payroll cuts weren’t as deep as the 72,000 predicted by economists, however. And, job losses for both May and June were smaller than previously reported.
July’s reductions marked the seventh straight month where employers eliminated jobs. The economy has lost a total of 463,00 jobs so far this year.
