US sees fewer job losses in July


Employers shed 2,47,000 jobs in July, the Labour Department said on Friday, the least in any month since last August, taking the unemployment rate down to 9.4 per cent from June’s 9.5 per cent.“It suggests the recession will be ending before the end of the year.

There isn’t any part of the economy that hasn’t shown some slowing in deterioration,” said Joe Davis, chief economist at investment company Vanguard in Valley Forge, Pennsylvania.

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