U.S. sheds 247,000 jobs in July, less than expected

The U.S. economy lost 'only' 247,000 jobs in July, the U.S. Labor Department announced Friday, with the nation's unemployment rate falling to 9.4 percent from 9.5 percent in July. The job loss total was considerably less than expected, suggesting lay-offs may have peaked.

A Bloomberg News economists survey had forecast the economy to shed 300,000 jobs in July and the unemployment rate to hit 9.7 percent. The economy lost a revised 443,000 jobs in June, and 322,000 jobs in May.

Sill, although economists say there are more signs weekly that the nation's worst recession in more than 25 years may be bottoming as fiscal and monetary stimulus continues to work through the system, at least 3-4 more months of jobs data will be needed to confirm that the large declines in payrolls are coming to an end.

Details to follow.