The headlines said that payroll employment increased by 171, 000 jobs in October and that the unemployment rate increased slightly to 7.9 percent, representing 12.3 million people.

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Total employment has increased in 2008, but at a slower rate.

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During the following three years, civilian employment increased by nearly 8 million people and the unemployment rate fell to 5.3% from 7.0% as the economy easily absorbed the stock market crash of 1987.

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Total employment increased by 9.8 million, and the unemployment rate fell from 5.4% to 3.9%.

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While non-farm payroll employment increased, the number of unemployed people and the overall unemployment rate of 8.9 percent barely budged.

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Total non-farm employment increased by only 54, 000, leading to an uptick in the unemployment rate to 9.1%.

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In New Zealand, which increased its official pension age from 60 to 65 over a nine-year period, the employment rate of 60-64-year-olds duly rose from 24% in 1992 to 66% in 2009.

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