Job losses slow as jobless rate declines

The unemployment rate dipped from 9.5 percent in June to 9.4 percent in July with employers cutting 247,000 jobs, according to The Washington Post. This is the fewest number of layoffs in a year and the unemployment rate's first drop since April 2008.

These results were better than the 320,000 job losses and 9.6 percent unemployment rate analysts were expecting. Additionally, workers’ hours increased and paychecks grew.

Still, 14.5 million people are unemployed in the U.S. Since the recession began in December 2007, 6.7 million jobs have been lost.

In July, construction companies cut 76,000 jobs, and factories cut 52,000 jobs. Additionally, retailers cut 44,000 jobs, the financial sector cut 13,000 jobs, and professional and business services cut 38,000 jobs. Industries such as education, government, health care, and leisure and hospitality added jobs in July.

There were fewer job losses in May and June than previously reported, with 303,000 job losses instead of 322,000 in May and 443,000 job losses instead of 467,000 in June.

Date : 8/7/2009