Patrick has already provided a good summary of the job report this morning: The situation isn’t good. I would add one more thing: A broader measure of unemployment reveals that the job market is worse shape than the official unemployment rate suggests. I have mentioned in the past the most commonly reported unemployment rate – which now stands at 6.7 percent — is a very imperfect measure of the health of the labor market.
It’s the number of people without jobs who are available to work and are actively seeking work in the four weeks preceding the survey as a percentage of the labor force (the sum of people in the economy who have a job or want one), but it doesn’t tell you anything about the people who have given up looking for work and the people who are employed but only on a part-time basis (i.e., underemployed).
Actually, it’s probably higher than that:
Shadowstats has it at about 23%.