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Job Losses Slow, Unemployment Dips to 9.4%

By Kevin Spak,  Newser Staff

Posted Aug 7, 2009 7:55 AM CDT
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(Newser) – Job losses slowed more than expected last month, and unemployment fell from 9.5% to 9.4% in its first dip since April 2008, the Labor Department announced today, marking another strong positive sign for the economy. Payrolls fell by 247,000, a big improvement over the 443,000 lost in June. “We have in motion a turnaround in the labor market,” said one economist.

In this Aug. 4, 2009 photo, job seekers participate at a job fair at the Vicksburg, Miss., Convention Center.
In this Aug. 4, 2009 photo, job seekers participate at a job fair at the Vicksburg, Miss., Convention Center.   (AP Photo/The Clarion-Ledger, Barbara Gauntt)
Job seekers are seen 6th Annual Grand Slam Career Fair held at Citizens Bank Park in Philadelphia, Wednesday, July 15, 2009.
Job seekers are seen 6th Annual Grand Slam Career Fair held at Citizens Bank Park in Philadelphia, Wednesday, July 15, 2009.   (AP Photo/Matt Rourke)
Job seekers line up for a career fair, Thursday, July 2, 2009 in Oak Brook, Ill.
Job seekers line up for a career fair, Thursday, July 2, 2009 in Oak Brook, Ill.   (AP Photo/M. Spencer Green)
Brandon Dodd, right, listens to Rene Torres, a recruitment associate with the Social Security Administration at a career fair, Thursday, July 2, 2009, in Oak Brook, Ill.
Brandon Dodd, right, listens to Rene Torres, a recruitment associate with the Social Security Administration at a career fair, Thursday, July 2, 2009, in Oak Brook, Ill.   (AP Photo/M. Spencer Green)
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COMMENTS
Showing 3 of 3 comments
Altoecko
Aug 7, 2009 3:49 AM CDT
They're getting back the taxes that they put into the system one way or another. They are then going to take this extra money and buy products. The people they buy products from buy their products from someone higher up more than likely and then those higher up have money to buy things from others. Now, I'm not saying savings takes into affect on all of these levels, but don't you think somewhere in there it's getting squirreled away in preparation for whatever is or is not coming our way? I mean, I'm at least investing money in CDs. Gained 800 dollars off just putting my money away for a year. While saving it also greases the wheels for better liquidity throughout all markets. It's not going to fix the economy alone, but it will help better fuel the things that do.
Derni
Aug 7, 2009 2:46 AM CDT
If the #'s are right then this is good news-maybe-just maybe-we're we've hit bottom and are slowly going back up
Altoecko
Aug 7, 2009 1:02 AM CDT
Still dismal numbers, but they're in a positive direction. Let's hope it holds.
Money • US

 
unemployment • US economy • payrolls • jobless claims • financial crisis

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