The unemployment rate hit a four-year high in July and now stands at 5.7 percent, according to the latest set of figures from the labor department.

Employers slashed 51,000 jobs last month, with manufacturing, construction and the service industries most affected. The jobless rate for teens increased to 20.3 percent in July.

There were also 461,000 so-called discouraged workers in July, an increase of 94,000 in the past 12 months.

Discouraged workers are not looking for jobs because they believe no work is available.

The labor department also released revised figures for May and June.

According to the revisions, 47,000 jobs were cut in May instead of the previously-stated 62,000. In June, there were 51,000 job cuts, not 62,000.

The number of unemployed across the union now stands at 8.8 million.

Americans without employment, who face high gasoline and food costs, may need to consider debt management plans in the imminent future.

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