 We've seen some good reports coming out of the labor market. The unemployment rate as measured by U3 has fallen from 6.7% to 6.3% in April, and 6.3% is near normal levels. However, if we look at the U6 measure of unemployment that includes people working part-time and discouraged workers, we see the unemployment rate at almost 12%. If we go back in time and look at the labor market from 2007 before the economic crisis to today, what we find is the people that are not considered in the labor force have increased from 77 million to 92 million, or nearly 15 million people are no longer considered to be in the workforce over that time. And within that group of not in the workforce in 2007, 4.8% wish they had a job. And today, it's 6.2%. In 2007 before the crisis, 4.8 million say they wish they had a job. Today, that number is up to 6.2 million, or a 25% increase. So a lot of people have been moved out of the workforce by government statisticians. In fact, John Williams at ShadowStats.com, using the old methodology, projects U6 unemployment rate to be almost 23%. And again, if we look at inside the labor market statistics, what we find is the number of part-time jobs is continuing to increase. The number of jobs in healthcare, education, and social services continues to increase. But the number of breadwinner jobs and jobs in manufacturing, construction, industry, information, and trade, those jobs have not even reached the level of the 2001 recession. So that's a very bad sign. And so despite the fact that the headline unemployment rate is looking better, if we look beneath the surface, what we see is a labor market that clearly has yet to recover. And that's the Mises view.