"Earlier today bleak economic reports came in: Jobs Contract 10th Straight Month;Unemployment Soars To 6.5%
By the end of the year, unemployment will likely be close to or even above 7%. Expect to see another two points minimum tacked on in 2009. In other words look for unemployment to hit 9% minimum and keep rising into 2010.
If the definition of an economic depression is 10% unemployment, we are very likely to get there. Note that alternative measures of unemployment hit 11.8% today and that is an official government number"
--- Mish Shedlock, 11.7.08