It's not just the unemployment. Nor the underemployment. Nor the simply-dropped-out-of-the-labor-pool conundrum. Add to all that the growing concern that what jobs are being created are behind the cash register and those being lost are in the tool and die shop.
See "ADP Number Confirms Relentless Erosion In US Manufacturing Base."
Bottom line? What jobs are being created these days are overwhelmingly in the service industries and those being lost are in the muscle sectors.
That does not bode well ...