Jobless Rate Seen Rising

(AP Photo/Paul Sakuma)
By  | 

Washington (AP) The Labor Department today is to release the July employment report. Economists expect that it will show that businesses cut jobs for a seventh straight month. They look for payrolls to fall by 72,000 jobs and that the jobless rate to rise from 5.5 percent in June to 5.6 percent.

Release of the report comes after the government yesterday reported that the number of Americans filing first-time claims for unemployment benefits rose to the highest level in five years. The increase of 44,000 took new claims to 448,000.

Job losses have crossed a variety of sectors, including financial services, manufacturing and construction.