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US unemployment may soon reach Depression-era levels. Plus, Obama's farmers' market
The Obama administration is bracing itself for the moment when unemployment hits 10 per cent. This blow to the country’s animal spirits is likely to come before Christmas rather than after. But among some economists, the sobering question is whether true unemployment is going to reach the peak of 24 per cent that was last recorded in 1933, during the Depression.
It’s all a matter of measurement. The official unemployment figures—known to the Bureau of Labor Statistics as the U-3—count only those receiving unemployment benefit who have actively looked for work in the last four weeks. But there are other…
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