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September 15, 2019, 11:50:32 am
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  Low unemployment in some OECD countries
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Author Topic: Low unemployment in some OECD countries  (Read 166 times)
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« on: September 10, 2019, 07:53:09 pm »

Some OECD countries have the lowest unemployment rate of the post-1973 period.
Unemployment rate is 3% in Germany and 3.7% in the USA.
Few years ago, most of the economists used to say that the non-accelerating inflation rate of unemployment (NAIRU) was around 4%. However, we don't see inflationary pressures in countries which have <4% unemployment rate now. Inflation is low and stable.
And the low unemployment show us that the "structural technological unemployment" and the "era of the end of the labor" are myths.
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« Reply #1 on: September 13, 2019, 02:13:01 am »

A lot of the previous rules have come apart in the modern global economy. A large part of this is the shift to the service sector and the reliance on cheap imports for manufactured goods. This means that unemployment can be low and inflation non-existent.

Of course it also means those workers aren't making crap.
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