Wall Street should still being watching out for a possible recession, said strategist Paul Dietrich. If temporary government jobs were removed from the lastjobs report, unemployment would be 4.5%, Dietrich said. AdvertisementThe US is riding high, but one strategist says economic optimism will eventually be cut short as unseen labor weakness bites. AdvertisementThat plays into Dietrich's broader point that rising unemployment can be a sure sign of recession. Though other analysts have also scrutinized the unemployment rate, its importance has been questioned in today's unusual economic cycle.

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Persons: Paul Dietrich, Dietrich, —, Riley, Wall, joblessness, Dietrich isn't Organizations: Service, Riley Wealth, US