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Santelli: Jobless Rate Not as Good As It Looks

Friday, 6 Jan 2012 | 12:00 PM ET

CNBC's Rick Santelli says the credit markets correctly understand that due to structural changes in the participation rate, one needs to look at more than the unemployment rate to get an accurate picture of what's happening in the labor market. He argues the rate now understates the magnitude of country's continuing economic problems.