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Labor Markets

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The unemployment rate reached a 24-year low in December, as strong jobs growth outpaced an expanding labor force. Nonfarm payrolls were up 404,000, pushing the unemployment rate to 4.6%, a level not seen since October 1973.

Suggested citation: “Labor Markets,” Federal Reserve Bank of Cleveland, Economic Trends, no. 97-12, pp. 12, 12.01.1997.

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