Watson Wyatt Worldwide, a human-resources consultancy, says the proportion of American employers implementing either wage cuts or furloughs has risen sharply since October (see chart 1).

华信惠悦人力资源咨询公司表示，在美国，雇主实施减薪或无薪休假的比率从去年10月开始急剧上升(见表1)。

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And a third set of calculations, by Douglas Staiger and James Stock of Harvard and Mark Watson of Princeton, tells roughly the same story (see chart for their estimates).

ECONOMIST: Up the NAIRU without a paddle