As a reminder of the labor market's continued weakness, the unemployment rate stayed at 9.7% last month, in line with economists' expectations. The jobless rate is calculated by the Bureau of Labor Statistics using a different, household survey.
The U.S. economy has lost nearly 8.5 million jobs as a result of the most severe recession in about 80 years. Although the downturn probably ended nine months ago, companies remain reluctant to ramp up hiring because the economy's recovery is expected to be moderate.
Meanwhile when economists factor in the "underemployed" those seeking better jobs, working at reduced salaries and in positions below their skill level, the rate jumps to over 20%, which has been constant for several months now.
Source: US Department of Labor
