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How low can unemployment go?

Lower unemployment is generally something to be encouraged. Right now, however, the more the unemployment rate falls, the more difficult the Federal Reserve’s efforts to cool the economy could become.

The unemployment rate is already very low – the Labor Department reported on Friday that last month it fell to 3.6% from 3.8% a month earlier, bringing it closer to the 50-year nadir of 3.5 % that it recorded in February 2020, just before the pandemic hit. And it could easily go even lower in the coming months, possibly significantly.


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