Jobless rate zooms to 4-year high

Original Link: http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2008/08/01/financial/f124124D73.DTL

UNEMPLOYMENT RISES — The unemployment rate zooms to a four-year high in July. Almost half a million jobs have been lost since the year began.

WHY? — Businesses are hunkering down to weather the housing slump, credit crisis and rising energy prices.

WHAT'S NEXT — Another 500,000 jobs could disappear over the rest of this year, analysts predict. And, the unemployment rate could climb to 6.5 percent by the middle of next year.