Jobless Rate Down! Many economists hopeful that America’s economy is on the road to recovery!

"This is the best showing since prior to the financial meltdown and those are important benchmarks to achieve," said Richard DeKaser, president of Woodley Park Research.

"From a psychological standpoint, the unemployment rate falling will have some impact on consumer psyches. A tick down is a positive thing," said Tom Porcelli at RBC Capital Markets.

Although 247 jobs were lost in July, this was less than expected and the lowest job loss since last August.

"The dawn of an economic recovery is here," said Sung Won Sohn, a professor of economics at Cal State University Channel Islands. "The economy is in the process of bottoming, but the job market will lag behind. Businesses, which engaged in preemptive layoffs earlier, are not about to start hiring people."

But Robert Brusca of FAO Economics said that "There is nothing about these numbers that suggest it's a fluke,"