Tyler on Unemployment

Still cannot understand why Tyler Cowan does not include "unemployment" on his list of "reasons why we are in a depression" (link). (actually, I think he means signs that we are in a depression, but that's picky). I mean--okay, granted, there are serious questions as to exactly how much unemployment we have and how long it will last. But then again, there are people who deny that there is a credit crisis. But is unemployment simply not a factor?