There's some good news
The good news: The national unemployment rate fell to 9.7% in January 2010 (from 10% in December 2009.
Even better news: The decline in the unemployment rate did not occur because of a shrinking labor force--the labor force grew (slightly) between December and January.
Which (still better) means that employment as measured in the household survey rose--as did the the employment-population ratio.
Somewhat good news: Establishment employment was essentially unchanged (down 20,000, out of about 130 million). Construction employment was down 75,000, more than accounting for the decline.
And some really good news: Manufacturing employment actually rose (not enough to cheer about, but, hey, up, in this case, is better than down).
So maybe, just maybe, the corner really has been turned. More details than you could possible want are here.