First, it's the next leg down in the stock market. Now, it's the next leg down in the job market. Exhaustion signs have been seen in the job market in the last 2 months. Now, we are seeing evidence that the bear market rally in the job market has ended and the next leg down, associated with Primary wave  down in social mood, is now in progress.
Six days ago, we got news that Cisco Systems is planning to lay off 10000 workers. These types of events never occur in isolation. They are always associated with bear markets. This was closely followed by Goldman Sachs announcing plans to lay off 1000 workers and Boeing planning to lay off 510 workers.
Yesterday, another shocking development, which I think is a taste of what is yet to come in the months and years ahead, unfolded as Borders is liquidating and closing its doors for good, resulting in over 10000 people losing their jobs. Borders is an early casualty, as the Grand Supercycle degree bear market is going to claim a lot of victims before its over.
The last time we had a major depression, over 90% of corporations and businesses folded and closed their doors forever. We are already seeing early indications that an event of this magnitude will unfold again. A case in point is Wal-Mart, which has been declining for the last 2 years. If the so-called "Great Recession", a moderate strength downward impulse, can have this much of an effect on the largest corporations on the planet, just imagine what will happen when "The Great Deflation" unfolds in full force. The most likely scenario here is that the bear market will break the back of corporations and businesses, and even those that are perceived to be invincible, such as Wal-Mart, will shatter like glass. The South Sea Company was perceived to be invincible back in the early 1700s, yet, a 2 year deflationary collapse that unfolded from 1720 - 1722 caused the company to fold.
Wage deflation, rising interest rates, and a cascade of debt defaults will work together to break the back of corporations and businesses in the coming months and years. As corporations and businesses implode, the ranks of the unemployed will be rapidly increased.
A job market collapse is in progress. It will be slow at first, just as it was from 2007 - 2009. Over time, the losses will accelerate. The US economy is expected to wipe out 36 million jobs in the next 5 years, pushing the unemployment rate (U6) up to 40% by early 2016. Unlike the so-called "Great Recession", which hit manufacturing, retail, and service jobs hard, but left fields such as health care, science, and engineering virtually unaffected, the job market implosion in progress now will be broad and virtually every field will be hit with massive job losses.