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Wednesday, March 10, 2004

Posted by Tanstaafl
Bush Allies, Falling Down on the Jobs:

In late 1983 the unemployment rate was still 9 percent but consumer confidence was about where it is today. What explains the exceptional worry?

This is an important number. 5.8% unemployment is not that far off of what Economists call the "natural rate" of unemployment. The exact percentage that is appropriate for the American economy is widely disputed, but I think most major economists would place it between 4% and 6%.


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