In other news, White House economic advisers reported Thursday that stimulus efforts have already created or saved more than 1 million jobs. Also, the Labor Department reported that first time unemployment claims fell last week.

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In other news, the Labor Department reported wholesale prices fell unexpectedly in July, and President Barack Obama met with Egyptian leader Hosni Mubarak to discuss jumpstarting Mideast peace talks.

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In other news, Pakistani forces pummeled key Taliban bases near the Afghanistan border, and a double suicide bombing in Iraq killed at least 21 people.

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For the first time since April 2008, the U.S. unemployment rate fell slightly in July, to 9.4 percent, down from 9.5 percent in June.

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In other news, Wall Street rallied on a Labor Department report that showed the U.S. economy lost fewer jobs than expected in July, and President Obama signed a $2 billion extension of the "cash for clunkers" incentive program.

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The U.S. economy shed fewer jobs than expected in July, according to new Labor Department figures. Experts discuss what the data says about the job market and an economic recovery.

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In other news, new home sales leapt 11 percent in June, the largest monthly gain in nearly nine years, and the U.S. warned Iran it could face tough sanctions if it rejects talks on its nuclear program.

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Employers cut more jobs than expected in June, nudging the unemployment rate closer to double digits and quashing hopes for a quick economic recovery.

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Fewer Americans filed claims for unemployment benefits last week and retail sales grew in May for the first time in three months, raising expectations that the recession could be abating.

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Although the rate of U.S. job losses slowed in May, unemployment rose to 9.4 percent, the highest rate in 26 years. Economist Lisa Lynch explains the new job numbers.

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