Maxed Out Mama shows the truth about employment in the US. In terms of people in the workforce as a percent of the total population, this is ugly, and getting uglier.
Remember that about 70% of the US economy is consumer driven. Consumers have been increasing their savings rates lately, rather than digging deeper debt holes, and that is healthy.
But if there are fewer jobs to be had, then there are fewer income taxes being paid, fewer goods and services being bought, and fewer dollars to chase the new bargains in housing. Far from being out of the woods yet, methinks, and the talk of green shoots is fiction.