Unemployent Rate is 5.7%

The U.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.

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.

Job losses in July were the heaviest in industries hard hit by the housing, credit and financial debacles. Job losses included:

• Manufacturing - 35,000
• Construction - 22,000
• Retailers - 17,000 jobs.
• Temporary help firms — also viewed as a barometer of demand for future hiring — 29,000 jobs.

Those losses swamped job gains elsewhere, including in the government, education and health care.

There were 8.8 million unemployed people in July, up from 7.1 million last year. The jobless rate last July stood at 4.7 percent.

Unemployment rate in U.S. is 5.7%