Unemployment rate falls to 9.4 percent

At least a few more Americans may see their personal finances improve now that they have found a job.

The U.S. Department of Labor shows that the unemployment rate for July was at 9.4 percent, down from 9.5 percent during June. The drop in unemployment is contrary to the predictions of many analysts who thought the percentage would rise.

Overall, employers reported that 247,000 jobs were dropped during the month. Since the recession began in December of 2007, 6.7 million jobs have disappeared.

The numbers from the Department of Labor follow a report from ADP that shows July saw the lowest number of job losses since October of 2008. According to the company’s, the seasonally-adjusted decline in jobs from June to July was 371,000, down from the 463,000 jobs lost from May to June.

"Nevertheless, despite recent indications that overall economic activity is stabilizing, employment, which usually trails overall economic activity, is likely to decline for at least several more months, albeit at a diminishing rate," the ADP report stated.