The jobless rate is still above 10 percent.

The White House, reacting to the latest jobless report showing the unemployment rate fell unexpectedly to 9.4 percent in July, predicted that despite the good news the rate would still hit 10 percent before year's end.

But in effect it already has.

The actual percentage of Americans who remain unemployed -- including those who have stopped looking for work -- is considerably higher than 9.4 percent and surpassed 10 percent months ago. By one measure, the unemployment rate is really 10.7 percent.

When you count those forced to settle for part-time work, the number is higher still. The 9.4 percent figure represents a very specific measurement of unemployed people that doesn't factor in everybody.

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