Against analysts' expectations of 320,000 non-farm job losses in July, the US economy lost 247,000 jobs "only". The unemployment rate fell to 9.4%, from 9.5% in June.
This is the first time since April 2008 that the US unemployment rate decreases. But does that mean anything re recession - recovery? Most economists as well as US Treasury Secretary Timothy Geithner expect unemployment not to reach its to peak until the second half of 2010, ie a year from now!
Since December 2007 when the recession is supposed to have begun, approx. 6.7 million jobs have been lost in the US.