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A spike in the unemployment ratelong dash—the biggest in more than two decadeslong dash—raised new concerns that the economy is heading into a recession. The U.S. unemployment rate soared to 5.5% in May from 5% in Aprillong dash—much higher than forecasted. The surge marked the biggest one-month jump in unemployment since February 1986, and the 5.5% rate is the highest seen since October 2004.Source: CNN, June 6, 2008How does the unemployment rate in May compare to the estimated natural unemployment rate?What does this imply about the relationship between real GDP and potential GDP at this time?The unemployment rate in May 2008 is _______ the estimated natural unemployment rate.This implies that real GDP is _______ potential GDP at this time.
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