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That 9.7% number might not be too accurate:

quote:
Most people seem to believe that the number of Americans with jobs is a clearly identifiable number. All you do is count up the number of people with jobs. Unfortunately, that isn't the way it works. The number reported each month is based on surveys, and surveys have can often have problems. As it turns out, the surveys estimating the number of people with jobs reported over the last couple of years suffered from some really big problems. The economy actually lost about 824,000 more jobs during the recession than we previously thought.

But those adjustments have so far only been made through March 2009, and there are strong reasons to believe that the survey data since then also needs to be adjusted downward.
http://www.foxnews.com/opinion...bor-statistics-grim/

As for the stock indices, they tend to forecast future economic activity.
Obama should be so happy!

The Bureau of Labor Statistics non-farm payroll report showed that the economy lost 20,000 private sector jobs in January, and December was revised from -85k to -150k. This means 24 of the last 25 months have shown losses, putting the job loss toll since January 2008 at 8.42 million. In 2009, 4.8m jobs were lost. BLS also reported that 14.8 million people are unemployed. This is a 9.7% unemployment rate, up 4.8% since the recession began in December 2007. See charts below.

Additionally there are now 8.3 million people who would like to work full time but are working part time because their hours have been cut or they can’t find full-time jobs.

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