The unemployment rate fell to 5.6 per cent during the week ended October 29. This was a significant fall from the 6.9 per cent rate during the preceding week. But, the 6.9 per cent rate was a significant rise from the 5.7 per cent in its preceding week.
What do we make of such volatility in the unemployment rate when it rises by 1.1 percentage points over a week only to drop by 1.2 percentage points in the next week? Given that the unemployed are of the order of 25 million, this implies that a few million people move in
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