Two groups of Swedish women--51 employed and 96 unemployed--were compared in terms of their scores on the Beck Depression Inventory (BDI). It was hypothesized that unemployed women would be more depressed than their employed counterparts and further that the distress of unemployment would be reflected in elevations in cortisol values among those who were out of work. It was found, even when controlling for social support, stressful life events and marital status, that depression as seen in the BDI scores, was greater in the unemployed group. However, no relationship was observed between either cortisol and employment status or cortisol and depression.