Actual (Jun): 8.0 % Consensus: 8.1 % Previous (May): 7.9 % The unemployment rate keeps growing, although the pace is slightly slower than expected. Despite some positive seasonal effects in June, it is obvious that the recession is still weighing on the labor market. Layoffs remain high and job creation is weak, suggesting further increase in unemployment. We expect the unemployment to peak in 1Q 2010 above 10 pct.