Jobapalooza

Monthly unemployment numbers are actually...down.

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%.

I wouldn't put too much stock in this. We'll see if things continue next month. I'm still expecting that 10% plus number before the end of the year. We're still losing jobs, the rate falling is just a fluctuation of the birth/death model.