Have you heard the celebrations? First time jobless claims were the lowest they have been in over two years. That doesn't provide the total picture. It only says the number of people who lost their jobs last week was lower than it has been. This doesn't show how many people were removed from the unemployment role last week.
It should be no surprise the Obama administration has reasons to spin the unemployment numbers by playing with formulas, especially after spending nearly a trillion dollars in stimulus money to create jobs. Of course, as most of us know, the stimulus money didn't create too many jobs. Gallup has a different story to tell. Unemployment numbers remain about the same from this time last year.
Unemployment, as measured by Gallup without seasonal adjustment, hit 10.3% in February -- up from 9.8% at the end of January. The U.S. unemployment rate is now essentially the same as the 10.4% at the end of February 2010.