There is no doubt that unemployment has a horrid effect on the economy as a whole.  Still, some of these may represent ending seasonal jobs in agriculture as well, so the raw numbers represented may not be completely out of line with the season.  We'd have to look at this with an eye comparing it to the same month in previous years. This would provide a context to better assess how bad off we really are.

I would agree with Keith ... but with the latest CPI numbers there will most likely not be a reduction in FED FUNDS rate and hence not a good sign for buyers sitting on the fence hoping rates will drop a little.