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The monthly employment situation report is the most watched economic release. The attention has never been greater.

• Everyone is interested in the unemployment rate, especially when it is approaching 10%. It is a natural topic for the media.
• Partisan politics has a jobs focus. While the Obama Administration may be claiming jobs "created or saved," this is of little interest to most. The bottom line for most voters will be whether the net job change turns positive and the unemployment rate declines. Few care about hypothetical results.
• Investors and traders question the economic recovery, despite improving data. As long as unemployment remains high, people will question the economic recovery as artificial and temporary.

The massive attention is no surprise.