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In November 1982, the unemployment rate reached 10.6 percent, the trough of the worst recession of the postwar period. During the next twenty-four months, the unemployment rate fell by 3.5 percentage points and real GNP expanded by 11.9 percent. This stronger-thannormal expansion was accompanied by a declining rate of inflation; the annualized rates of increase of the GNP deflator fell from 3.6 percent in the fourth quarter of 1982 to 3.0 percent in the fourth quarter of 1984. The saying thatdoi:10.3386/w2819 fatcat:udrlmu4lg5amxgbenuqliqdpme