The breakdown in the relationship between unemployment and job vacancies indicates a greater degree of search friction in the US labour market, Christopher Pissarides, one of three economists to share last year's Nobel prize in economics, on Tuesday said.
In a lecture held at the London School of Economics, where Pissarides is the Norman Sosnow Chair in Economics, on Tuesday evening to commemorate the award, the academic pointed to the fact that US unemployment continues to hover around double
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