Doug writes:>>October's unemployment rate of 5.5% is extremely low by the standards of the last 20 years. In only 29 of the 248 months since January 1975 - under 12% of the time - have we seen a jobless rate equal to or lower than 5.5%!<< On the other hand, I'd bet that the cost of job loss corresponding to 5.5% unemployment is much higher than it was 20 years ago. It's the COJL that's key in motivating workers, more than the U rate. Someone on pen-l (I've forgotten who) has produced new estimates of the COJL. I'd be interested to know if the stats fit with my hypothesis. in pen-l solidarity, Jim Devine [EMAIL PROTECTED] Econ. Dept., Loyola Marymount Univ. 7900 Loyola Blvd., Los Angeles, CA 90045-8410 USA 310/338-2948 (daytime, during workweek); FAX: 310/338-1950 "Segui il tuo corso, e lascia dir le genti." (Go your own way and let people talk.) -- K. Marx, paraphrasing Dante A.
