The U.S. Bureau of Labor Statistics reported that in July non-farm payroll employment declined by 247,000 jobs, but the unemployment rate was unchanged at 9.4%.

 Although the jobs losses continued to mount up in major US industries, the July job loss figure was about half the average number of monthly job losses from Novemeber to April 2009.  Analysts were expecting more job losses in July than has been reported.  This latest report has been well received and provided further optimism that the worst of the financial downturn has passed.