Unfortunately, the recessionary spiral of downturn->layoffs->consumer spending drop->downturn has barely begun. That means things are going to get a lot worse before they get better.
It started back in January of last year and has picked up greatly starting in Sept. with close to 1.8 million jobs lost the past 4 months. We could see another 2.5 million inside the first 2 quarters this year but then a tapering off. I would not be surprised though if we saw close to 4 million lost in 2009.