U.S. unemployment rate falls to 9.4% in July
16:03' 08/08/2009 (GMT+7)
The pace of job losses in the United States narrowed in July to 247,000 and the jobless rate fell unexpectedly to 9.4 percent, the Labor Department reported Friday.

U.S. President Barack Obama speaks about the economy in the Rose Garden of the White House in Washington, August 7, 2009. Obama said on Friday the latest U.S. unemployment figures showed the worst may be over in the economic crisis but acknowledged there was more work to be done to put the economy back on track. (Xinhua/Zhang Yan Photo)The July reading for job losses was much better than the 320,000 layoffs expected by economists, while the unemployment rate had been forecast to rise to 9.6 percent.

Since the recession began in December 2007, the U.S economy has lost a net total of 6.7 million jobs.

According to the Labor Department, the manufacturing sector shed 52,000 jobs last month while construction industries axed 76,000 jobs. Retail trade employment fell by 44,000 over the month.

Professional and business services got rid of 38,000 jobs, while employment in the federal government increased 7,000 over the month.

The average work week in July rose to 33.1 hours, after having fallen to 33 hours in June, the lowest on records dating to 1964.

The White House immediately hailed the unexpected data.

"This morning we received additional signs that the worst may be behind us," said President Barack Obama in remarks after the report was released. "We have pulled the financial system back from the brink."

However, Obama also warned that there were still many challenges ahead.

"We have a steep mountain to climb and we started in a very deep valley," said the president. "We have a lot further to go. As far as I'm concerned, we will not have a true recovery as long as we're losing jobs, and we won't rest until every American that is looking for work can find a job."

VietNamNet/Xinhuanet