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Labor Market Strength

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The strong current recovery has been exceptional in many ways, perhaps most remarkably in producing the lowest unemployment rate since early 1970. The historical comparison is probably even better: Survey procedure changes in 1994 raised measured unemployment by approximately 0.5%, suggesting that today’s rate is comparable to a pre- 1994 rate of 3.8%.

Suggested citation: “Labor Market Strength,” Federal Reserve Bank of Cleveland, Economic Trends, no. 98-07, pp. 14-15, 07.01.1998.

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