You will not hear much about it, but the labor force participation rate was also slightly diminished.
When Obama took office the unemployment rate was 7.8%. It's now down to 7.7%.
BUT But but... when Obama took office the participation rate was 65.7%. That's down to 63.5%.
CNS News translates some of this into real numbers. For instance, In February alone, the labor force shed 296,000 Americans, bringing the total number of persons "not in the labor force" to 89.3 million (or 36.5% of the 244.8 million who constitute the "civilian noninstitution population").
WSJ "blogger" Phil Izzo further illuminates some of the math. Yes, it's Great News that the number of people counted as unemployed "tumbled" by 300,000. But only 170,000 of them say they are now working. The other 130,000 "dropped out," as they say, or simply disappeared from the equation. Furthermore, the number of part-time workers looking for full-time work increased in February, as did the number of those "marginally attached to the labor force."
This may be the "new normal," but it's not a recovery. I'd save that confetti; maybe we can use it next November.