Unemployment Increases to 5.7%

The unemployment rate increased to 5.7% in July and payroll employment dropped by 51,000 jobs. Employment continued to fall in construction, manufacturing, and employment services, while health care added 33,000 jobs. Layoffs are reported at United Airlines, American Airlines, Northwest Airlines, General Motors, USB Investment Bank, and many other companies.

This is the 7th month in a row that the economy has lost jobs. Payroll employment has fallen by 463,000 this year, or an average of 66,000 jobs per month. About.com's US Economy Guide Kimberly Amadeo notes, "The last time year-over-year job growth trended down this severely was in 2001, which led to 29 months of job losses."

This means that, not only are you are more at risk for losing your job, but there is more competition for available jobs. It's important to spend some time checking out the job market, so you know what type of jobs are available for someone with your skills - just in case you have to find one.

If you have already lost your job, here's information on filing for unemployment. It's important to file as soon as possible, and you may be able to file your unemployment claim online. If you're out of benefits, an unemployment extension was passed this month. Check with your state Department of Labor for information on eligiblity and how to collect benefits.

• Unemployment Extension
• Unemployment Benefits
• How to File for Unemployment
• How the Job Loss Report Effects You