As jobs are cut, there are also reductions that don't show up on the employment percent.
It's getting "real" now, with pay cuts, and reductions or elimination of 401k plans.
Job cuts - reductions in pay Deflation is just beginning. Not too obvious yet. Despite frantic tailoring of inventories, the closings and bankruptcies will put incredible pressure on retail pricing.
Still to be determined is whether or not food prices will follow.
