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Macroeconomics 11th Edition by Michael Parkin
Edition 11ISBN: 9780133423884Macroeconomics 11th Edition by Michael Parkin
Edition 11ISBN: 9780133423884 Exercise 32
Use the following news clip to work Problem. Nation's Economic Pain Deepens
A spike in the unemployment rate-the biggest in more than two decades-raised new concerns that the economy is heading into a recession. The U.S. unemployment rate soared to 5.5% in May from 5% in April-much higher than forecasted. The surge marked the biggest one-month jump in unemployment since February 1986, and the 5.5% rate is the highest seen since October 2004.
Why might the unemployment rate tend to actually underestimate the unemployment problem, especially during a recession?
A spike in the unemployment rate-the biggest in more than two decades-raised new concerns that the economy is heading into a recession. The U.S. unemployment rate soared to 5.5% in May from 5% in April-much higher than forecasted. The surge marked the biggest one-month jump in unemployment since February 1986, and the 5.5% rate is the highest seen since October 2004.
Why might the unemployment rate tend to actually underestimate the unemployment problem, especially during a recession?
Explanation
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As we know that in recession, there is m...
Macroeconomics 11th Edition by Michael Parkin
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