Candy Crowley on debate moderators' responsibility In 2009, Obama's first full year in office, people in states across the country were losing their jobs at a startling clip. In Ohio, the unemployment rate was 10.6%.
But over the next few years, the nation saw slow increases in employment in the retail, education and health care sectors. Today, most states are gaining jobs. The key swing state of Ohio now has a 7.2% unemployment rate.
The Bureau of Labor Statistics confirms that a lot of jobs have been created under Obama's leadership -- 4.4 million by the bureau's latest count. What Obama did not say, however, was that the nation shed 4.3 million jobs during the early days of his term, and that the net gain since he took the oath of office in January 2009 is just 125,000 jobs.
Conclusion:
Many voters blame that initial weakness on the fractured economy Obama inherited from his Republican predecessor, former President George W. Bush. But in terms of sheer numbers, Obama's assertion that he created 5 million jobs does not tell the whole story and is therefore false.
Also during the debate, GOP presidential candidate Mitt Romney said that 23 million people are out of work in the nation.
"There is suffering in this country," said Romney. "And we talk about evidence. Look at the evidence of the last four years. It's absolutely extraordinary. We've got 23 million people out of work."
The facts:
When the recession began, workers in every category lost jobs, but those in the middle and higher wage groups lost more of them.
And when the jobs started coming back, the lower-wage jobs came back stronger. That means that, while the nation has replaced lost jobs, many of those new jobs pay less than the old ones did.
To reach his 23 million figure, Romney counts everyone who is unemployed, has stopped looking for work or is underemployed -- working for less money than before or able to find only a part-time job.
Conclusion:
Romney is stretching his figures to the breaking point -- which makes his claim false.
What it all means:
If history is any guide, the employment figures could prove key in this race. In August, the U.S. unemployment rate was 8.1%, according to the Bureau of Labor Statistics. No president has been re-elected with an unemployment rate above 8% since Franklin Roosevelt in the 1930s, during the Great Depression.
President Barack Obama and Republican presidential candidate Mitt Romney finish their debate in Denver on Wednesday, October 3. 
Romney stands with his wife, Ann, and family following the first presidential debate. 
President Obama kisses first lady Michelle Obama after the debate Wednesday. It took place on their 20th wedding anniversary. 
Jim Leher of PBS moderates the 90-minute debate on Wednesday. It was the candidates' first time debating face to face. 
Obama defended his record and challenged his rival's proposals. 
Romney was more aggressive Wednesday in criticizing Obama's vision. 
People watch the debate at Galapagos Art Space in Brooklyn, New York. 
The event was expected to draw the candidates' largest nationwide audience to date. 
Romney answers a question from the moderator. 
Obama argues his view. Both candidates said the other's proposals won't work. 
Michelle Obama listens to the debate. 
Romney said Obama has failed to bring down high unemployment and get the economy surging again. 
Obama reacts to Romney's remarks on Wednesday. 
Obama listens during the debate in Denver. 
Romney, who has been unable to catch the president in most polls to date, sought to generate enthusiasm for a change in the White House. 
Romney's shadow is projected beneath text from the Declaration of Independence at the University of Denver's Magness Arena. 
The first of three presidential debates focused on domestic issues: the economy, health care and the role of government. 
Obama and Mitt Romney clashed over the economy on Wednesday. 
Romney speaks during Wednesday night's debate. The candidate called for a new economic path. 
Obama called for "economic patriotism" and said Romney's plan of tax cuts for the rich failed before. 
Romney and Obama wave to the crowd at the start of the presidential debate. 
Obama greets Romney on Wednesday. 
The candidates meet on stage less than five weeks before Election Day. 
Obama and Romney shake hands Wednesday night. 
The presidential race has been dominated so far by negative advertising as both camps try to frame the election to their advantage. 
Leher takes the stage Wednesday. It's his 12th time moderating a presidential debate. 
Michelle Obama points to Lehrer before the start of the debate. 
Ann Romney and first lady Michelle Obama hug on Wednesday. 
The candidates wives were in attendance for the most highly anticipated campaign event to date. 
Michelle Obama sits with White House Senior Advisor Valerie Jarrett, right. 
Rapper Will.i.am, left, speaks with Jarrett before the debate on Wednesday. 
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