What's the unemployment rate in China? Last month it was 4.1 percent. The month before it was 4.1 percent. Last year it was also 4.1 percent. And in 2013? That's right: 4.1 percent.
A new NBER paper calls this "abnormally low and suspiciously stable," which seems like a fair judgment. So the authors, their suspicions piqued, used a nationally representative household survey to calculate the actual unemployment rate. Unsurprisingly, it turns out to differ substantially from 4.1 ...
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