While the Labor Department released a report Friday morning showing a continued decline in employment in the month of July, the pace of job losses slowed by even more than economists had been anticipating.

The report showed that non-farm payroll employment fell by 247,000 jobs in July following a revised decrease of 443,000 jobs in June. Economists had been expecting employment to fall by 325,000 jobs compared to the drop of 467,000 jobs originally reported for the previous month.

Additionally, the Labor Department said that the unemployment unexpectedly edged down to 9.4 percent in July from 9.5 percent in June. The decrease surprised economists, who had been expecting the unemployment rate to edge up to 9.6 percent.