US unemployment at four-year high
Published Date:
02 August 2008
UNEMPLOYMENT in the United States climbed to a four-year high of 5.7 per cent in July as employers cut 51,000 jobs, according to figures released last night.
July was the seventh month in a row in which US companies made redundancies, with 463,000 posts being axed since the start of the year.
The US labour department said a lack of credit had put a curb on employers' expansion plans and their willingness to hire staff.
Fallout from the housing slump and high energy prices were also factors affecting employment levels, the department said.
The increase in the unemployment rate came in part as many young people looked for summer jobs.
The full article contains 120 words and appears in The Scotsman newspaper.
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Last Updated:
01 August 2008 10:09 PM
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Source:
The Scotsman
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Location:
Edinburgh
