Economy Continues to Shed Jobs

Posted on August 4, 2008

The latest jobs report indicates that employers are continuing to layoff workers. Another 51,000 jobs were shed by the economy in July reports the Huffington Post. That makes a total of 463,000 jobs lost this year. The unemployment rate also ticked up to 5.7% - up from 5.5% in June.
Employers clamped down on hiring and cut 51,000 jobs in July, the Labor Department said Friday. The economy has shed jobs each month this year _ 463,000 in all.

The unemployment rate rose to 5.7 percent, up from 5.5 percent in June.

The jobs report contributed to another day of grim news for the economy. General Motors reported a staggering quarterly loss of more than $15 billion and said its sales fell by more than a quarter from last year.

The Commerce Department said spending on construction projects around the country dropped 0.4 percent in June as cutbacks in home building eclipsed gains in commercial construction.
An article from U.S. News has comments from several experts on what the jobs drought means for you. Here's an AP video about the jobs report which says it is the teen demographic that is being hit the hardest.

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