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On the way to 10% Unemployment

Looks like my prediction of 10% unemployment may happen even faster than I originally thought:

I was on the phone with a friend, and I predicted as a nation we could hit 10% unemployment before we hit the bottom. A bottom I don’t expect us to hit until after the 4th Quarter of 2009. This year’s retail holiday season could be one that shrinks for the first time in a long time, and my guess is that next year will be worse.

December was already at 7.2%:

The nation’s unemployment rate bolted to 7.2 percent in December, the highest level in 16 years, as nervous employers slashed 524,000 jobs. The labor market is expected to remain weak as mass layoffs continue.

Interesting times.