If the jobless rate continues to climb, as is widely expected, that could generate pressure for another stimulus spending package. But given intensifying concern about the size of federal budget deficits — now projected to exceed $9 trillion within a decade — any new spending could be politically perilous.

The latest snapshot of the nation’s labor situation testified to the drastic improvement since early this year, when nearly 700,000 jobs a month were disappearing. Yet it also underscored the continued bleakness of the economic landscape.

“It’s a good picture compared to where we were, which was just a free fall,” said Dean Baker, a director of the Center for Economic and Policy Research in Washington. “But compared to anything else, this is just a horrible report. The rate of decline is slowing, but it’s not going to stop. We’re likely on a path toward more than 10 percent unemployment.”

As one of the last strongholds of union jobs shrinks, we have to confront a brutal truth about work in the U.S. Across the economy, workers of color are overrepresented in occupations with high unemployment rates: the service sector, construction and transportation. That’s a great deal of the reason why Black workers have been hit especially hard by layoffs and closures. Losing auto industry jobs strikes a massive blow to the ability of workers, especially Black workers, to earn middle-class incomes, to save enough to pass on to their children and to achieve some financial stability.

During this Black history month the nation and the world anxiously watch the living Black history that is taking place with the first African American president. Yet at this very same moment the future of Black America is in an exceedingly precarious condition. State of the Dream 2009: The Silent Depression, a recent report by the Institute for Policy Studies and United For A Fair Economy, highlights how the current economic recession impacts the racial wealth divide in this country.

Between 2000 and 2007, before the country was officially in a recession, Black employment decreased by 2.4% and saw their incomes decline by 2.9%. Between 2000 and 2005 the median family income of African Americans decreased and decreased more steeply than that for whites or Latinos.