Slate summarizes:
...unexpectedly grim unemployment numbers released yesterday. While the rate increased only slightly to a 26-year high of 9.5 percent, from 9.4 percent, the raw numbers led many to warn that economic recovery isn't on the horizon. The U.S. economy lost 467,000 jobs in June, marking the first time the monthly losses increased after they had been steadily shrinking from the January peak of 741,000....In addition to the basic unemployment rate, everyone points to worrying signs from the so-called underemployment rate, which includes part-time workers who can't find full-time work and those who have given up looking, that has increased to 16.5 percent.
Let's not hold our breath for a market rally to the good ol' overinflated days, shall we?
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