The unemployment rate dropped slightly, from 10% to 9.7%, in January, with non-farm payroll employment losing 20,000 jobs. The number of long-term unemployed (those jobless for 27 weeks and over) continued to increase in January, reaching 6.3 million. In addition, the job market remains really competitive with over 6 unemployed workers for every job opening.
Job losses continued in construction and in transportation and warehousing, while employment increased in temporary help services, health care, retail, and in federal government hiring.
The underemployment rate, which includes people who aren't looking for work, but want a job, and those who are working part-time because they can't find a full-time position dropped to 16.5% in January.
Here's a really good explanation of the employment picture and what light there is at the end of the job loss tunnel from About.com's Guide to the U.S. Economy, Kimberly Amadeo.
Unemployment Extensions Running Out
On a related note, the current unemployment extension is set to expire on February 28. According to the National Employment Law Project over 5 million unemployed workers will run out of benefits by June, including 1.2 million in March if an extension isn't passed.
A new extension of unemployment needs to be passed soon in order for benefits to continue without interruption. Here's more on the National Employment Law Project's campaign to extend unemployment benefits.
Related: Unemployment Extension | Share Your Unemployment Story