Unemployment Hits 5.7 Percent; Teens Hit Hardest

BusinessUnemployment Hits 5.7 Percent; Teens Hit HardestUnemployment Hits 5.7 Percent; Teens Hit HardestThe Associated PressThe nation's unemployment rate climbed to a four-year high of 5.7 percent in July as employers cut 51,000 jobs, dashing the hopes of an influx of young people looking for summer work. (Aug. 1)When it comes to holding a job, it hasn't been this bad in four years. And for teenagers, finding a job hasn't been this hard since before many of them were born. Employers cut 51,000 positions in July, bringing the total number of jobs lost this year to 463,000. The nation's unemployment rate now stands at 5.7 percent, up two tenths of a percent from June. The increase in part came as many young people were unable to find summer jobs. The unemployment rate for teenagers jumped to 20.3 percent, the highest since late 1992.More job cuts are expected in coming months. There's growing concern that many people will pull back on their spending later this year when the bracing effect of the tax rebates fades, dealing a dangerous blow to the fragile economy. ___ ___, The Associated Press.(****END****)