According to the Friday-released statistics from the US Labor Department, the job market is finally depicting real signs of moderating, in terms of job-losses. However, economists have cautioned that job growth rebounds are still nowhere in sight as the economy would expand at a slow pace.

As per the data released by the department, layoffs slowed dramatically in July; and the unemployment rate dropped for the first time in 15 months, along with a welcome upturn in workers' hours and their salaries.

Statistically speaking, the jobless rate in July plunged to 9.4 percent from the June figures of 9.5 percent; in spite of 247,000 job-losses during the month. The drop in July jobless rate was not only surprisingly lower than the economists-expected rise to 9.6 percent, but also marked the smallest monthly drop in jobs since August 2008.

Referring to the data showing a drop in unemployment numbers during July, President Barack Obama said that though it was a positive sign that the recession had bottomed out, the country still had a "steep mountain to climb" to economic recovery.

After the release of the report by the Labor department, Obama said in a statement from the White House: "We pulled the financial system back from the brink. I'm convinced we can see light at the end of the tunnel!"