Given that job losses are accelerating and that unemployment is a lagging indicator (unemployment is expected to rise for some number of months after the economy bottoms), it is not unreasonable to be talking about 10% unemployment sometime in 2010, with 8.5% to 9% or higher extremely likely.
Unemployment was much higher during the Great Depression, but these are sobering estimates nonetheless.8.5% or higher unemployment is enormously deflationary with the current backdrop of consumer debt and huge numbers of people underwater on their homes.
Source:
"Prepare For Depression Leel Unemployment"
Mish's Global EconomicTrend Analysis
http://globaleconomicanalysis.blogspot.com/2008/12/prepare-for-depression-level.html