Unemployment Rate Soars To 5.7 Percent

Monday's latest announcement offered little hope for an economic turn-around as unemployment hit a staggering four year high at 5.7 percent.

As the American economy continues to grow worse, the number of expected job cuts for the month of July is likely to total the second highest for the year. 103,312 jobs are expected to be cut, a 26 percent increase from the previous month and a staggering 141 percent increase from the same period just one year ago.

17 of 25 industries tracked are expected to cut jobs, according to CNNMoney.com. The hardest hit industry was the transport sector which is expected to lose 17,051 jobs, mainly due to rising fuel cost and lagging ticket sales. The financial service industry was also hit particulary hard with job losses in the past month, losing a total of 15,517 jobs in the month of July.

This news comes on the heels of a report showing a four year high unemployment rate of 5.7 percent.

Source CNNMoney.com:

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