Since the first of the year, the economic statistics have generally been good, indicative of a recovering economy. But there's only one word for the May unemployment figures - disappointing.

Certainly Wall Street found them so. The major market indexes swooned at the news. Superficially, the numbers looked good - a jobless rate of 9.7 percent, down from 9.9 percent in April, and a net increase in jobs of 431,000.

But that 9.7 percent is not all that much below last October's 10.1 percent, a 26-year worst, and it only looks good compared with April because 322,000 people left the work force for whatever reason.

Of those new jobs, 411,000 of them were temporary census workers whose numbers begin winding down this month. Private employers added only 41,000 jobs, the fewest since January. It will take four to five times that number to begin making a dent in the unemployment rate. Just to stay even, the economy needs to add 125,000 jobs a month.

Unlike Wall Street, President Barack Obama saw the glass as half full: "While we recognize that our recovery is still in its early stages, and that there are going to be ups and downs in the months ahead - things never go completely in a smooth line - this report is a sign that our economy is getting stronger by the day."

Some economists already see some "downs in the months ahead." They think unemployment might edge back into double-digit territory this summer and stay above 9 percent through the November elections. This is a fine "welcome to the work force" for the 1.6 million graduating college seniors.

Although all kinds of other indicators - consumer spending, retail sales, car sales, new claims for job benefits, etc. - are positive, until the economy starts generating jobs in abundance, they are just numbers.