Nouriel Roubini has an article in the New York Daily News that is worth taking a few moments to read.
Think the worst is over? Wrong. Conditions in the U.S. labor markets are awful and worsening. While the official unemployment rate is already 10.2% and another 200,000 jobs were lost in October, when you include discouraged workers and partially employed workers the figure is a whopping 17.5%.
While losing 200,000 jobs per month is better than the 700,000 jobs lost in January, current job losses still average more than the per month rate of 150,000 during the last recession.
If you have a job, try to keep it.
If you don't, then you had better be busting your ass to get one. Every day that goes by that you remain unemployed increases the number of people that are in line with you looking for work. Many o these people will be better qualified and more desirable for a company to hire than you are.
Do not rest on your laurels – you don't have any.
Be prepared for some rough times.