Well, I should say it could be. If we don't change things and our way of governing we could very well be heading for disaster. Things seemed to really start going down hill when our big companies were running overseas in order to take advantage of those related tax breaks. If we don't get our big businesses back we are only doing ourselves a major disservice in not ALSO supporting our country, which would then allow us to turn around and do more for others in need our help regardless of geography.
The economists are conjecturing that the unemployment rate is up due to long-term unemployeds looking for work. I thought the metric was driven by the number of unemployed receiving benefits. The long-term unemployeds are not and thus are not visible. Simple observation will tell one that most people no longer work for "big companies", no longer have life-long one-employer careers (or careers at all), have far less job and income security and are more and more working more-of-less informally...
No, a steep decline in the number of jobs expected to be created is not a direct indication of a collapsing economy. While expanding business is an indication of a healthy economy, other factors influence the hiring of new employees. As older generations begin to retire, younger employees are hired on to fill those spaces, often with more responsibilities. Business owners are constantly on the look out for ways to maximize their earning potential, and that means maximizing human resources.
The economy is not collapsing, despite the jobs report. The U.S. reporting a disappointing amount of jobs were created in May, but our economy is nowhere near collapsing. Companies still added jobs, albeit at a slower rate. Balance sheets are relatively healthy and individuals do not have excess debt, unlike the previous decade.