It's all about jobs right now as Ron Fink pointed out
Pimco's CEO is saying “Today’s unemployment rate is much more than a lagging indicator. It is also a signal of future pressures on consumption, housing and the country’s social safety net.”
The economy can't expand --and in turn, employers won't hire-- until consumers consume and they won't do so until they feel like the economy is recovering. I'm not sure what the psychological trigger will be.