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Data revisions to the US jobs data can be large
Former Fed chairman Ben Bernanke published a fascinating memoir a few years ago about his experience during one the most difficult times in recent U.S. history – the financial crisis of 2008.
While the Fed was able to prevent the U.S. economy falling into a Great Depression scenario with unemployment rising to almost 25%, financial conditions still spiraled out of control. This was enough to put millions of Americans out of a job and led to an increase in the unemployment rate all the way to 10% during the
