There were 62,000 jobs lost in the US during June, according to the most-recent Labor Department report.

Apparently, this brings the total number of job losses to 438,000 in the year so far in what has become an unstable employment market.

Richard Yamarone, an economist at investment and business analysis group Argus Research, reflected on what this means to the millions of American citizens, who should be celebrating Independence Day this weekend.

"The deteriorating jobs climate will dampen many a barbecue this weekend," he told the Associated Press. "It's hard to celebrate when you are out of a job."

In addition to potentially ruining any planned July 4th parties, losing a job can be the first step into the realms of debt, especially in the current climate of high food costs, rising gas fees and reduced property prices.

Commenting on the latest employment figures, US secretary of labor Elaine L Chao warned that now is not the time for government tax hikes as it is a period when workers need to keep hold of all the money they can get.

She did add that the unemployment rate is currently lower than the 1990s, when the US was encountering similar economic pressures.

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