Unemployment at 4 year high

NEW YORK (CNNMoney.com) -- Employers trimmed jobs once again in July and the unemployment rate hit a four-year high, according to a government report Friday that showed the seventh straight month of job losses .

The Labor Department reported a net loss of 51,000 jobs in the month, compared to a revised loss of 51,000 jobs in June. Economists surveyed by Briefing.com had been forecasting a loss of 75,000 jobs in the latest report.

The unemployment rate edged up to 5.7% from a 5.5% reading in June. It was the worst reading since March 2004, and slightly worse than economists' forecast of a 5.6% rate.

The rate has now jumped a full percentage point from a year ago.