The nation’s official unemployment rate has fallen to ten percent, down from 10.2 percent in October. Speaking at the White House Friday, President Obama said the change signifies an improving economy.

President Obama: “There are going to be some months where the reports are a little better, some months where the reports are worse, but the trend line right now is good. The direction is clear. When you think about how this year began, even before I was sworn in, and we were losing 700,000 jobs a month — a month — today’s report is a welcome sign that there are better days ahead.”

Despite the drop, labor economists have put the real unemployment rate at around 17 percent when factoring in the underemployed and those who have stopped trying to find work.