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Friday, November 6, 2009

10.2 percent

The unemployment rate is in double digits for the first time since 1983. Of course, 1983 was also the beginning of a robust economic boom, fed by lower taxes, disinflation and a more market-oriented policy stance in general. That's the key difference between now and then.

UPDATE 11/9: Via Marginal Revolution, the NYT has a very interesting interactive graphic showing how the numbers break down by various demographic groups. For "people like me" (white males, college-educated, 25-44), the unemployment rate is 3.9 percent. Good times...

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