Monday, August 04, 2008

U.S. job losses at hit four-year high

The nation's employers continue to put jobs on the chopping block at a steep rate as the economy struggles, according to latest reports.

The unemployment rate in the US has climbed to a four-year high of 5.7 per cent in July after employers shed 51,000 jobs.

So far, the US economy has lost a total of 463,000 jobs this year.

An outplacement consultancy firm says that planned job cuts announced by employers in July jumped 26% from the figure announced in June. That's up 141% from a year ago.

This news comes as car-manufacturing company General Motors posted losses of $15.5 Billion, filing a report showing its third-worst quarterly loss in its history in the second quarter.

Additionally, Federal regulators closed Florida's First Priority Bank, marking the eighth bank failure of the year.

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