Final answer:
Following the Great Recession of 2008-2009, US unemployment rates rose significantly, indicating severe economic challenges. Unemployment is an important indicator but does not alone define economic depression; a variety of economic measures determine this. The President's efforts to prevent a depression faced the difficult context of sustained economic downturn and slow recovery.
Step-by-step explanation:
The high unemployment rate mentioned at the beginning of 2012 is indicative of the severe economic challenges the United States faced following the Great Recession of 2008-2009. While high unemployment can be an indicator of economic depression, the state of the economy is determined by a variety of factors, including GDP, consumer spending, and business closures. Prior to the recession, job losses were generally counterbalanced by new employment opportunities during times of economic growth, keeping unemployment rates fairly stable despite consistent job turnover.
Unemployment is a critical economic indicator but does not single-handedly define an economic depression. The severity of the Great Recession was such that, despite efforts to prevent an economic depression, millions of jobs were lost, and the ripple effect translated into widespread economic hardship. Historical data shows that about two-thirds of unemployed individuals were able to find work within 14 weeks, but during the recession, the rate of job creation was not sufficient to counterbalance job losses, leading to a peak in unemployment and contributing to the economic decline.
While the President at the time aimed to prevent the country from slipping into a depression, the prolonged and sustained nature of the economic downturn and the slow recovery process had significant and lasting impacts on the labor market and overall economic health of the nation.