That right, 10% is the expected rate of unemployment before we get back on track. The good news is that relief is expected to arrive in the next 6-8 months.
We are currently running at 7% and it seems like a never ending cycle. Does that mean that you will get your old job back. NO!
The same companies are not expected to see recovery until 2010 but are expected to start looking for talent this coming winter, in the meantime many new jobs are being created in the energy industry and the construction industry and will help lower the unemployment which should help consumer spending and the housing market. Just remember that the domino effect of a downturn is equally applicable to a recovery.
So hang in there if you are currently unemployed, help might be on the way sooner than expected.