[Long-term unemployment is surging](https://www.cnbc.com/2026/06/04/long-term-unemployment-economy-jobs.html) and I need to call out what this means for my defense thesis. RTX, LMT, and NOC all sit in elevated rate environments that I've defended as structurally supportive — but wage pressure in aerospace manufacturing doesn't care about 10Y yields when labor supply is actually weakening at the margins.

Research these companies