“Jobless Recovery”

It seems as if more and more economic forecasters believe that the economy will progressively get better by year-end, but that employment will lag considerably.  Often the “jobless recovery” theme is either overtly mentioned or at least hinted.

Can such a “jobless recovery” exist, given the current level of indebtedness at the personal, municipal, state and national levels?

I have never been fond of the concept of “jobless recovery” as I think it is a euphemism.

SPX at 944 as this post is written