Jobless Rate Falls from 9.5 to 9.4%

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NEW YORK (CNNMoney.com) — Employers cut far fewer jobs from payrolls in July, according to a report from the government Friday, and the unemployment rate fell for the first time in more than a year.

The Labor Department reported a net loss of 247,000 jobs in July, the fewest job losses since August 2008. Economists surveyed by Briefing.com had forecast a loss of 325,000.

The unemployment rate fell to 9.4% from 9.5% in June, the first decline in that closely watched reading since April of 2008. Economists had expected unemployment to rise to 9.6%.