Employers in the US cut jobs in July for the seventh straight month, while the unemployment rate hit a four-year high, according to a new government report.

The unemployment rate rose to 5.7 percent from a 5.5 percent reading in June and jumped a full percentage point from a year ago.

Wondering what it all means? Just read more.

CNN Money explains:

  • The 5.7 percent unemployment rate tells only part of the problem facing job seekers. It doesn't include those who have become discouraged from looking for work, or those who have accepted part-time jobs when they want to be working full time.
  • Counting the unemployed or underemployed, the rate rises to 10.3 percent, the first time that measure has hit double figures since November 2003.
  • Those who are out of work are also taking longer to find new jobs. There are now 1.7 million people out of work for six months or more, which is up 6 percent from a month ago and is 28 percent above year-ago levels. Nearly one in five people counted as unemployed have now been out of work for six months or more.

Sixty three percent of Savvy readers know someone who has lost their job this year. Do you?

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