U.S. at Most Miserable Point in 28 Years
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Almost to the month, the U.S Misery Index has hit a 28-year high in May.
The reading, which is a combination of unemployment and inflation, currently sits at 12.67 for last month. The last time the number surpassed 12.67 was in June of 1983, when the number came in at $12.68.
Minimum wage at the time was $3.35, and the U.S. had just passed the Economic Recovery Tax Act of 1981.
Misery was at its peak in June 1980, when the index hit 21.98. The lowest, most serene time was July 1953, when the index was a sparse 2.97.
The misery index was initiated by economist Arthur Okun, an adviser to President Lyndon Johnson, in the 1960's.
The reading, which is a combination of unemployment and inflation, currently sits at 12.67 for last month. The last time the number surpassed 12.67 was in June of 1983, when the number came in at $12.68.
Minimum wage at the time was $3.35, and the U.S. had just passed the Economic Recovery Tax Act of 1981.
Misery was at its peak in June 1980, when the index hit 21.98. The lowest, most serene time was July 1953, when the index was a sparse 2.97.
The misery index was initiated by economist Arthur Okun, an adviser to President Lyndon Johnson, in the 1960's.
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