For the latest available data:
Figure 1: The misery index, calculated as a simple sum of the unemployment rate and the 12-month CPI rate. The NBER has defined recession days as shaded in gray. Source: BLS via FRED, NBER, and author’s statistics.
Note that grief was 9.7% in 2020M08, exactly 4 ahead of the August 2024 reading.
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