We are climbing through 7% "official" unemployment. Depending on whom you count as unemployed, the actual number is almost double that percentage. And the layoffs continue. Of course there are a few companies like Circuit City that are closing down completely, but they are far outnumbered by the number of companies that are cutting back on their payrolls by cutting loose more employees.
I don't know if you are paying attention, but I have lost count of the number of companies that are cutting (roughly) 10% of their workforce due to the economic slowdown around the world. Those are the big companies. Small companies make up the majority of employers and don't get reported on by the nightly news when they cut 10% loose. If 10% of everybody that has a job, loses a job, that's 10% of the workforce that probably wants a job, without one. Add that right to the top of the unemployment figures reported by the government.
Some people peg the threshold for calling a Depression (as distinct from merely a recession) at 10% official unemployment.
7% + 10% = ?
A depression.
Great.
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