WASHINGTON (AP) - 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. It was a better than
expected showing that offered a strong signal that the recession is
finally ending. The Labor Department's report was better than many analysts were
expecting. They were forecasting job losses to slow to around
320,000 and the unemployment rate to tick up to 9.6 percent, from
9.5 percent in June. If laid-off workers who have given up looking for new jobs or
have settled for part-time work are included the unemployment rate
would have been 16.3 percent.
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