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But it has risen more during this recession than most formulations of Okun's Law would suggest.
ECONOMIST: Signs of economic cheer
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This is at odds with what economists refer to as Okun's law, a rough but empirically regular connection between changes in GDP and changes in unemployment.
ECONOMIST: America's labour market: Something's not working | The
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Even so, Michael Feroli, an economist at JPMorgan Chase, says that Okun's Law would have predicted an unemployment rate of just 8.6% during the second quarter, whereas it actually averaged 9.3%.
ECONOMIST: Signs of economic cheer
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According to Okun's law, an economic relationship that predicts how much unemployment will rise according to how GDP is doing, unemployment should be only about 8.5%, reckons Alan Krueger, a labour economist at Princeton University.
ECONOMIST: Troubling trends behind the falling unemployment rate
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Though I was a great fan of Okun's, I'm afraid his law is obsolete.
ECONOMIST: Signs of economic cheer