While the market seems to have rapidly given up worrying about the piss-poor jobs data from last week, the fact of the matter is the longer-term trend of 'employment' in America is anything but questionable. As we pointed out [4], and was so broadly understood, the number of people in the labor force in American is fading fast. In fact, as the chart below shows, the last 2 times the civilian labor force fell on an annual basis like this, the US economy was already in recession...
[5]
(H/t @Not_Jim_Cramer)