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Inflation and Unemployment Both Make You Miserable, but Maybe Not Equally
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So just how miserable are Americans right now?
For nearly 50 years, the go-to place for an answer has been the Misery Index, invented by the late economist Arthur Okun. The formula is simple: add the unemployment rate (3.7% in October) to the inflation rate as measured by the consumer-price index (7.7% in October), which currently comes to 11.4%.
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