Rough patch? Nope. “Rough Patch” is MOPE (management of perception economics). This is the end game of a monetary system born in 1971 when Nixon floated the dollar as the global fiat reserve currency of only resort. The following from Zerohedge should clear the smoke coming from the MOPE machines:
More Records: Average Duration Of Unemployment; People Not In Labor Force Who Want A Job Now Both At All Time High
Two more self-explanatory charts: the number of people not in the labor force who want a job now surged to a fresh all time high 7,124 or up by a whopping 303K, while the average duration of unemployment also is at a new record of 39.9 weeks.
Average Duration of Unemployment:
People not in labor force who want jobs now:
h/t John Lohman
This chart needs no commentary. At 64.1%, the Labor Force Paritipcation rate just dropped to a fresh 25 year low: the civilian labor force declined by 272K from 153,693 to 153,421. And tangentially, the employment to population ratio also slumped to a multi decade low of 58.2%.