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Unemployment Hits a Four-Year High

Employers in the US cut jobs in July for the seventh straight month, while the unemployment rate hit a four-year high, according to a new government report.

The unemployment rate rose to 5.7 percent from a 5.5 percent reading in June and jumped a full percentage point from a year ago.

Wondering what it all means? Just

.

CNN Money explains:

  • The 5.7 percent unemployment rate tells only part of the problem facing job seekers. It doesn't include those who have become discouraged from looking for work, or those who have accepted part-time jobs when they want to be working full time.
  • Counting the unemployed or underemployed, the rate rises to 10.3 percent, the first time that measure has hit double figures since November 2003.
  • Those who are out of work are also taking longer to find new jobs. There are now 1.7 million people out of work for six months or more, which is up 6 percent from a month ago and is 28 percent above year-ago levels. Nearly one in five people counted as unemployed have now been out of work for six months or more.

Sixty three percent of Savvy readers know someone who has lost their job this year. Do you?

Source

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Join The Conversation
CoralAmber CoralAmber 7 years
I'm underemployed. Full time jobs are so hard to find, so right now I work 4-11 hours a week. I'm also taking night classes to get a certificate because my degree hasn't really gotten me far.
krrn krrn 7 years
i am currently trying to look for a job right now also. i just graduated from college and am having a difficult time trying to get a job. i am getting discouraged as well because i have interviewed at a few places and haven't gotten anything yet. i keep thinking "how am i going to get a job while people are getting layed off all the time??" i have about 10 friends who are having the same problem right now too.
UrbanBohemian UrbanBohemian 7 years
Aw nals33, that's sweet...thank you for the vote of confidence! Actually, I love working at the bookstore. It's even better than the job I was laid off at! It just doesn't make as much money. I know that dream job is out there somewhere, but I'm taking as many little jobs as I can to get by.
nals33 nals33 7 years
@ UrbanBohemian - This is gonna sound realy stupid. But, I've always wanted to work at a bookstore. It just seems so relaxing.. ONLY when you're able to make ends meet though!! I just thought I'd share.. :PYou'll find a good job soon!! Don't give up hope!! :)
nals33 nals33 7 years
@ UrbanBohemian - This is gonna sound realy stupid. But, I've always wanted to work at a bookstore. It just seems so relaxing.. ONLY when you're able to make ends meet though!! I just thought I'd share.. :P You'll find a good job soon!! Don't give up hope!! :)
nals33 nals33 7 years
My friend lost her job about 4 months ago. She just recently got a job with a company in Oakland. She didn't want to take it because she lives in the South Bay; the commute is quite gross! lol But, she took the job for now.. I'm glad she found something full-time. Even if it wasn't exactly what she wanted.
UrbanBohemian UrbanBohemian 7 years
I know a person who lost her job this year....me.I am working part-time at a local bookstore now and I am trying to land a better job. At this point it's just about making ends meet.
UrbanBohemian UrbanBohemian 7 years
I know a person who lost her job this year....me. I am working part-time at a local bookstore now and I am trying to land a better job. At this point it's just about making ends meet.
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