US Job Losses in a historical context

Excellent chart via Calculated Risk. It looks like we're in a whole different territory of anti-superlatives in terms of length & depth in regards to the employment drought....

i-4f4e6e5748ccf8732a9b761876d399aa-JoblossPercentJune2009.png
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It's relative to record employment rates; don't you think that skews the axis of the chart?