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Anomaly: lower GDP and lower unemployment
Hi Pascal,
In your recent market comments you stated: "It is interesting to see GDP decreasing together with unemployment. It is as if more people were needed to produce less. Is this a good example of productivity, which is the basis of a capitalist economy?"
Answer: No, it's a good example of the lack of contribution to GDP that we can expect to see from low-paying service-sector jobs that are the major contributor to recent job growth in the U.S. See attached graphic.
Cheers,
Neil
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