The latest figures from the Quarterly Labor Force Survey (QLFS) indicate that the unemployment rate has fallen from 25.3% in 2010Q3 to 24% in 2010Q4.
After shedding 86,000 jobs between 2010Q2 and 2010Q3, employment increased by 1.2% q/q, adding 157,000 jobs between 2010Q3 and 2010Q4. Although these figures are encouraging, unemployment has been persistently high over the past decade. Unemployment has not fallen below 21% since 2001. Moreover, as a result of the global financial crisis, over 1,000,000 jobs were lost.