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Businesses shed 51,000 jobs; unemployment rate up to 5.7%

By: News Bites | Submitted on: 08/01/08

(SGT NEWS BITE) - The nation's unemployment rate climbed to 5.7% in July, highest in more than four years, as employers cut payrolls for a seventh month, the government said Friday.

Companies cut a seasonally adjusted 51,000 workers last month, matching June's decline, the Labor Department said.

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News Bites are short one or two paragraph excerpts of external news articles with links to the original source.

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