The U.S. unemployment rate rose to a four-year high of 5.7 percent in July as fears of a recession have grown, the Labor Department reported Friday.
Employers cut their payrolls by 51,000 in July, the seventh straight month of nationwide job losses.
However, the decline was less than economists had expected. Economists had forecast a 65,000 decline in payrolls last month.
"Employment continued to fall in construction, manufacturing, and several service-providing industries," said the report, noting "healthcare and mining continued to add jobs" last month.
The report said hiring last month in goods-producing industries fell by 46,000. Within this group, manufacturing firms shed 35,000jobs. Construction employment was down by 22,000 jobs.
Service-sector employment lost 5,000 jobs last month. Professional and business services lost 24,000 jobs. Education and health care employment created 39,000 jobs. Government added 25,000 jobs.
Workers' wages grew at a modest pace in July.
Their average hourly earnings rose by 0.3 percent to 18.06 U.S. dollars, in line with economists' expectations. Over the last 12 months, wages increased by 3.4 percent.
The health of the job market is critical for the overall economy to grow. The big worry is that companies, affected by a severe housing slump and a credit crisis, might cut back on hiring further.
Source: Xinhua
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