The U.S. unemployment rate decrease in July for the first time in 15 months as employers cut far fewer jobs than expected, giving the clearest mark yet that the economy was turning around from a deep decline of economy.

U.S. employers radiated 247,000 jobs in July, the Labour Department said on Friday, the least in any month since last August, taking the unemployment rate down to 9.4 /cent from June’s 9.5 /cent.

“It suggests the recession will be ending before the end of the year. There isn’t any part of the economy that hasn’t shown some slowing in deterioration,” said Joe Davis, chief economist at investment company Vanguard in Valley Forge, Pennsylvania.

Analysts had expected nonfarm payrolls to fall by 320,000 in July and the jobless rate to hit 9.6 /cent. The forecast was made earlier this week before other jobs data, including weekly jobless claims, prompted some analysts to lower their predictions for job losses.

Tags:  forecast jobless rate payrolls US