Another interesting economic chart ... does this look like a recovery?

One of my acquaintances who happens to be a scientist sent me this chart recently which would lead just about anyone to question whether or not the economic recovery is short-term or even actually happening.
This chart, from ShadowStats.com, shows federal payroll tax deposits and weekly earnings during the last 11 years:



The Bureau of Labor Statistics only began collecting the total earnings in March 2007, according to the site.
The chart would seem to show a recovery happening. However, look at the first few weeks of 2011. Deposits are starting to take a nosedive.
It will be interesting to see what happens in the next few months with this data, assuming this Website updates the information. It would clearly lead one to think that there is very bad economic news ahead.