Not quite to the level of the Reagan Recession. It matters MORE to find out WHO is Unemployed. We have been here before....

from The Wall Street Journal

Nonfarm payrolls fell by 467,000 in June, the U.S. Labor Department said today The unexpectedly large drop came amid widespread declines across manufacturing, construction and professional services.
The unemployment rate, calculated using a survey of households as opposed to companies, increased 0.1 percentage point to 9.5%, the highest level since August 1983.
http://online.wsj.com/article/SB124653569538485257.html#mod=djemalertNEWS