No. The unemployment rate is one of the most manipulated of all government statistics. They reduce the denominator simply by not including in it the people who have simply given up looking for work.
The statistic you want to look is not the unemployment rate, but rather the Labor Force Participation rate. That rate is published monthly by the Bureau of Labor and Statistics and can be found right here:
http://data.bls.gov/timeseries/LNS11300000
It represents the percent of Americans 16-years-old and older who are employed. As of February of this year, the rate stands at 63.9%, which is just about at a 30-year low, which is terrible. As can be seen in this graph, the rate peaked right about the time Bush took office for the first time and has been plummeting ever since.
The economy is still in the first stages of a depression, and there's nothing Obama can do about it except ask Bernanke to resign and appoint an Austrian School Economist to head the Fed, but that will never happen, so good luck, Americans!