Obama trying to handle this job loss crisis

He said the report "is more evidence that we have pulled back form the edge" of a depression. At the same time, he said Obama still believes the unemployment rate, which is a lagging indicator, will hit 10% later this year.About 14.5 million Americans were out of work last month and 6.7 million jobs have been lost since the recession began in December 2007. Yet the 331,000 average monthly job losses the past three months is nearly half the 645,000 monthly losses from November through April.Other encouraging signs: The so-called underemployment rate, which includes the unemployed, people working part-time although they want full-time work, and those who stopped looking for work, dipped to 16.3% from 16.5%. The average work week edged up to 33.1 hours from a record low 33 hours. And average hourly wages rose to $18.56 from $18.53 in July.