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Shadowstats.com is a website that analyzes and offers alternatives to government economic statistics for the United States.Shadowstats primarily focuses on inflation, but also keeps track of the money supply, unemployment and GDP by utilizing methodologies abandoned by previous administrations from the Clinton era to the Great Depression.
The BMI takes the sum of the inflation and unemployment rates, and adds to that the interest rate, plus (minus) the shortfall (surplus) between the actual and trend rate of GDP growth. In the late 2000s, Johns Hopkins economist Steve Hanke built upon Barro's misery index and began applying it to countries beyond the United States.
Similar patterns were found in other countries and in 1960 Paul Samuelson and Robert Solow took Phillips' work and made explicit the link between inflation and unemployment: when inflation was high, unemployment was low, and vice versa. [12] Rate of Change of Wages against Unemployment, United Kingdom 1913–1948 from Phillips (1958)
The best study of the inflation-unemployment trade-off finds that an increase in unemployment would reduce inflation by about one-third of 1%. Most other studies are in this ballpark.
SmartAsset’s inflation calculator is a free, fast, easy and accurate way to estimate the personal financial effects of inflation. It helps users see how the buying power of a dollar changes over ...
Unemployment began to increase, and by the end of 1992, nearly 3,000,000 in the United Kingdom were unemployed, a number that was soon lowered by a strong economic recovery. [146] With inflation down to 1.6% by 1993, unemployment then began to fall rapidly and stood at 1,800,000 by early 1997. [150]
The state has yet to return to its pre-pandemic unemployment rate of about 3.5%, even as it leads the country in new jobs created. However, state economic experts say the unemployment rate is an ...
Milton Friedman argued that a natural rate of inflation followed from the Phillips curve.This showed wages tend to rise when unemployment is low. Friedman argued that inflation was the same as wage rises, and built his argument upon a widely believed idea, that a stable negative relation between inflation and unemployment existed. [11]