Good News. Real world unemployment is falling faster than the headline rate.
The U6 unemployment/underemployment rate, which includes discouraged workers, fell from
16.7% in Feb 2011 to 14.9% in Feb 2012.
These are very high numbers, but added to the fact that more than half of the new jobs were in manufacturing, professional services, health and education, it suggests the situation really is improving for many ordinary folks.