One interesting aspect of the latest unemployment numbers, which are, as always, subject to revision: the unemployment rate increased sharply for those without a high school diploma (from 12.5 percent to 13 percent) while it decreased for those with a BA (from 4 percent to 3.9 percent). It also increased for those with a high school diploma but not college (7.9 percent to 8.1 percent) and for those with some college (7.6 percent to 7.9 percent). I think of the latter group as a bellwether.

These numbers are nothing to cheer about, and we can expect that the Federal Reserve will take them into account as it anticipates what to do next.