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WASHINGTON – Employers throttled back on layoffs in July, cutting just 247,000 jobs, the fewest in a year, and the unemployment rate dipped to 9.4 percent, its first decline in 15 months.
It was a better-than-expected showing that offered a strong signal that the recession is finally ending.
The new snapshot, released by the Labor Department on Friday, also offered other encouraging news: workers' hours nudged up after sinking to a record low in June, and paychecks grew after having fallen or flat lined in some cases.
Originally posted by Erasurehead
reply to post by Sliadon
Can somone explain this to me? If we still lost 247,000 jobs how could unemployment drop from 9.5% to 9.4%? Wouldn't that mean that jobs would have had to be added? Sounds like BS to me.
REAL Jobless Rate Not So Rosy
Obama administration touts a 9.4 percent jobless rate as evidence 'we've pulled back from the edge' — but, technically, it all depends on who you count
More at link
In New Jobless Stats, Good News Hides the Bad
The dip in the unemployment rate -- from June's 9.5 percent -- was the first since April 2008. But by other measurements, the jobless rate is still above 10 percent.
Friday, August 07, 2009
The White House, reacting to the latest jobless report showing the unemployment rate fell unexpectedly to 9.4 percent in July, predicted that despite the good news the rate would still hit 10 percent before year's end.
But in effect it already has.
The actual percentage of Americans who remain unemployed -- including those who have stopped looking for work -- is considerably higher than 9.4 percent and surpassed 10 percent months ago. By one measure, the unemployment rate is really 10.7 percent.