Obama adviser says economy on brink of recovery

A member of the White House Economic Recovery Advisory Board indicated that an economic recovery is just around the corner.

Laura Tyson, an adviser to President Barack Obama, said "we may have hit stability, we may be in the beginning of an upturn" on Saturday. Tyson cited the latest jobs report in making her remarks.

Tyson also said that more stimulus funds would be injected into the economy in the coming months.

Nobel-prize winning economist Paul Krugman added that the jobs report showed "It's quite possible, though not certain, that retrospectively, we'll say that the recession ended in July or August, maybe September," said in a separate interview with Bloomberg News.

The U.S. Labor Department reported last week that job losses amounted to 247,000 in July, less than the 320,000 jobs that economists expected to disappear.

In June, 443,000 Americans joined the ranks of the unemployed. The unemployment rate fell to 9.4 in July from 9.5 percent in June, the first time the figure declined in 15 months.