As expected, but not appreciated, the nation’s unemployment rate rose to 5.7% in the month of July.
A US Bureau of Labor Statistics report confirmed predictions of an increase in unemployment, which rose 0.2% from June.
With this trend contributing to the recession, July’s numbers marked the seventh consecutive month of declining employment. This year to date, 463,000 jobs have been lost, with 51,000 fewer in July than already forecasted. Major layoffs from big companies like GM, Starbucks, Wachovia, and Pfizer made headlines throughout the month.
Bad situations in the housing market, on Wall Street, and in the manufacturing and retail sectors helped bring the country’s rate of unemployment to its highest in seven years.
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