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So when you look at the 9.5% unemployment rate — a drop from 9.9% last month — you get a mis-guided picture of what's actually happening in the job market. Things are getting worse, not better.
Less alarming, but still depressing, is that the average hours worked declined, along with hourly earnings. I firmly believe that this reflects a "new normal" in terms of the standards of living and quantity of material wealth that Americans will have to become accustomed to, for quite some time.
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