August 7, 2009 8:37 a.m.
The U.S. Bureau of Labour Statistics released its jobless report for July showing that the U.S. economy beat the forecast in losing 247,000 jobs considerably less than in previous months. Because the labour market shrank as more discouraged workers were created by the high unemployment rates the rate of unemployment fell to 9.4 % from last month's 9.5 %.The much broader measure of unemployment that includes all discouraged workers and all marginally attached workers U6 also fell from 16.5 % to 16.3 % This result is an important indicator of the very probable positive turning point in the business cycle. As we go forward and much more of the stimulus program is actually spent there is likely to be further positive improvement in these numbers.
In Canada the labour force survey for July released today showed that job losses rose from 33,000 last month to 45,000 this past July. Unemployment remained stable at 8.6 % because of a fall in the number of workers in the labour market
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