This article puts it into perspective.
http://www.breitbart.com/Big-Government/2012/05/03/Real-Unemployment-rate
With 154.7 million in the labor force, 1% represents about 1.55 million people. The unemployment rate is 3.6% higher, so there ought to be about 5.4 million less people working than five years ago. That's not true. There are indeed 5.6 million more unemployed, but there are also a staggering 9.2 million more people "not in the labor force," most often because they can't find a job. That means the total number of additional people actually out of work compared to 2007 is 14.8 million, or 9.7% of the labor force. Add that to the original 4.6%, and the actual rate of unemployment is about 14.3%. Also, there are 3.2 million more people working part-time jobs because they can't find full-time work. Let’s add. Today, there are 18 million more people not working or unable to find the job they want than in 2007. Add in the original 7.1 million already unemployed in 2007, plus the original 4.6 million U6, and the total is 29.7 million. In a universe of 155 million workers, the real U6 rate is thus approximately 19%. This is all Dept. of Labor data, offering an apples to apples comparison.
These 29.7 million people are anonymous, nameless, faceless. But the President's team knows they are out there, and that they are highly likely to vote. So they don't want to talk about jobs. They want to change the subject. Hence, more talk about dogs and contraceptives.