U.S. Unemployment Rate Drops Instead Of Expected Hike

At least one economist describes today's employment report as a clear "turn for the better."

The Labor Department says employers cut 247,000 jobs in July. That lowered
the nation's unemployment rate to 9.4 percent.

Analysts expected it to tick up to 9.6 percent. The news has sent stocks rising.

The White House is applauding today's jobs report. Spokesman Robert Gibbs says the Labor Department report that unemployment eased in July is evidence the country has retreated from the brink of depression.

But, Gibbs says there's still plenty of work to do and the jobless rate might yet hit 10 percent this year.

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