In what was the seventh straight month of job contractions, employers in America shred 51,000 jobs last month, and the jobless rate has now reached a four-year high. Wage growth fell far behind the pace of inflation as well; additionally, the cuts came across a broad spectrum of industries. In addition to the usual standards of automobile and manufacturing sectors, cuts came in retail and service industries and a number of other employment arenas. Still, the data showed that the declines had softened since spring. The number of layoffs was less than the 75,000 expected by economists.
See "U.S. jobless rate hits 4-year high", Michael M. Grynbaum, International Herald Tribune, July 31, 2008