The latest overall job loss numbers showed a loss of 125,000 jobs in June and an unemployment rate falling to 9.5% from 9.7% in May. This was the first month of losses in 6 months.
So far for this recession, the peak of losses was 779,000 lost jobs in January 2009. In the 2001 recession, monthly losses hit a high of 325,000. The 1990-91 recession peaked at 306,000 losses. As you can see from the chart below, numbers peak toward the end of a recession, making employment a lagging indicator. The unemployment rate peaked at 10.8% at the end of the 1981-82 recession.