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The unemployment rate, which was 5 percent in December 2007, spiked during the next two years and hit a post-recession peak of 10 percent in October 2009.
NPR: Transcripts Show Fed Underestimated Crisis In 2007
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In contrast, in the case of the U.S. recession, total employment fell by 5.9% from its November 2007 peak to its December 2009 trough, and then rebounded 1.5% by March 2011.
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In October, the PBOC raised the benchmark one-year deposit rate to 2.5%, the first hike since December 2007.
FORBES: China's Galloping Inflation
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That's roughly double the 3.5% of payroll checks that went to 1099 workers in December 2007.
WSJ: Why Small Businesses Are Scared of the New Health-Care Law
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In somewhat related auto news, December auto sales indicated the strongest year for vehicle sales since 2007, with estimates now at 14.5 million units.
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Today America needs 5 million less workers to produce a greater value of goods and services than it did in December 2007 when the recession began.
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