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I was since discussing this with friend who has also made the observation that the method for calculating unemployment is now different to how it has been calculated historically. Now if someone works 1 hour a week, they are deemed to be employed whereas previously there was some threshold...

Funny that this should be brought up today...I just saw an economist being interviewed who made precisely the point that in the current environment, unemployment is a lead indicator because, as he said, each of those people who become unemployed are likely to have mortgages, credit cards and...