David Rosenberg has A LOT to say about this morning's miserable jobs report. Actually, in his latest note he unloads a whole bunch of charts to show that the unemployment rate is even worse than you think it is.

Here they are in all their glory. The most striking one, we think, is the last one, that shows that the employment rate is just 58.2% . For every 100 people, 41.8 aren't working, a brand new low.

Quick, where's Malcolm Gladwell to explain the dependency!