Calculated Risk has updated his chart showing job losses as a percent of peak employment since WW2. Needless to say, it's not encouraging.

The last time employment fell this much, in 1948, it recovered quickly. The recent recoveries, however, have been much more gradual. Unless employment rebounds rapidly (it's still falling), it's hard to see how we're going to get the v-shaped recovery that the bulls are now expecting.

(In 1948, consumers had almost do debt. Now they have it coming out of their ears).

The unemployment rate, meanwhile, is now the highest it has been in 26 years.

Calculated Risk's full take on the employment report is here >