This morning's unemployment rate was printed at +6.1%. This is a new 5 year high. No, this is not good - but it's not a new revelation to people who aren't living Wall Street's narrative fallacy that the global market contagion wouldn’t spill over to Main Street.
We are still early innings of an accelerating unemployment cycle. This isn't just about the "credit cycle". See the "Trend" in US jobless claims below. Math is hard to debate.