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March 2009

U.S. labor market in 2008: economy in recession

James Marschall Borbely

CPS data show that the labor market weakness that began during the second half of 2007 worsened during 2008 as the U.S. economy entered a recession; unemployment rose sharply, both employment and the employment-population ratio declined, and median weekly earnings grew at about the same rate as inflation in 2008.

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