Once McCain's treasury secretary to be Phil Gramm's "mental recession" continues: Unemployment rate up to a 4-year high of 5.7% (7th payroll decline).

The U.S. unemployment rate jumped to a four-year high of 5.7% in July as companies shed 51,000 workers. The seventh straight payroll decline provides further evidence that the economy remains vulnerable to a recession in the second half. See The Wall Street Journal.