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David Altig Says That Our Cyclical Unemployment Has Started to Turn Structural

This is bad news: very bad news:

macroblog: A curious unemployment picture gets more curious: Since the second quarter of last year, the unemployment rate has far exceeded the level that would be predicted by the average correlation between unemployment and job vacancies over the past decade. Tuesday's report indicates that the anomaly only deepened in the first two months of the second quarter.

macroblog: A curious unemployment picture gets more curious

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