The reality of the U.S. employment picture is that it may be a very long time before the people who long for a "daily grind" get the opportunity again. Without a better participation rate, the U.S. economy and other developed world economies will see undesirably slow economic progress.
If there's good news for investors, it's the fact that leaner, meaner multi-national corporations can still be quite profitable, selling their products and services in emerging nations. For that reason, companies that are growing their dividends in Vanguard Dividend Appreciation (VIG) remain a "buy" for portfolios requiring a bit more equity exposure. (Note: Pay attention to the 200-day trendline.)
Of course, the "muddle-through" scenario for the U.S. (and other developed world economies) still has an uncomfortable itch or two. Italian 10-year yields are still north of 7% and the euro-dollar is testing 52-week lows. The CurrencyShares Euro Trust (FXE) is "unbearably" far from its 50-day moving average, and yes -- pun intended.