what is the relationship between a labour and market development
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The U.S. labor market has substantially recovered from the effects of the recent recession. The unemployment rate has dropped from 10 percent at the end of 2009 to 5.5 percent today, a level Federal Open Market Committee participants consider close to its long-run value.1 Although the current economic expansion widely improved labor market conditions, there is some debate about whether these improvements lead to higher wages.2 In this essay, we review the relationship between wage growth and unemployment.
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