MW: Jobless rate dips to 9.4% as 247,000 payrolls lost
By Rex Nutting
WASHINGTON (MarketWatch) - Job losses slowed in July to the lowest total since August as the unemployment rate unexpectedly fell back to 9.4%, the Labor Department estimated Friday. U.S. nonfarm payrolls fell by 247,000 in July, the 19th consecutive month of job losses, about in line with economists' estimates of a 275,000 decline. Most industries continued to shed jobs in July, but at a much slower pace than they did in the autumn and winter. Job losses moderated in many major industries in July. Goods-producing industries shed 128,000 jobs, the fewest since last September. Service-producing industries cut 119,000 jobs.
