Obama: We've "Rescued Our Economy"

Jobless counts dips to 9.4%; hopes rise that recession is ending

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    NEWSLETTERS

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    The unemployment rate actually dropped slightly in July, giving economists hope the recession is coming to an end.

    This is not a misprint: The unemployment rate dropped in July.

    Jobless claims ticked down a tenth of a point to 9.4% last month, the first decrease in more than a year, prompting President Obama to boast that his administration has "rescued our economy from collapse."

    But speaking from the White House Rose Garden Friday afternoon, the president cautioned, "We have a steep mountain to climb and we started in a very deep valley," and said he won't rest until "every American that is looking for a job can find one."

    Although the unemployment stat dipped slightly, 247,000 jobs were lost, demonstrating that the drop is more due to fewer people looking for work than more folks finding it. Unemployment statistics measure the number of eligible workers actively hunting for jobs.

    The downward tick may prove short-lived: Treasury Secretary Timothy Geithner said on ABC last week that the unemployment rate may not peak for another year, even as the economy shows signs of improvement.

    Get more: MSNBC, Bloomberg News