The unemployment rate rose between 1968 and 1970 from 3.6 to 4.9 percent-a jump of more than 33 percent. The consumer price index increased by roughly 11 percent in the same period. Analysts of the economy coined a new and memorable term for what seemed to be happening: stagflation.
"The unemployment rate increased from 3.6 percent in 1968 to 4.9 percent in 1970, a rise of over 33 percent, reflecting a deteriorating job market. During this period, the consumer price index also grew significantly, climbing by around 11 percent, indicating rising inflation."
"Analysts described this economic situation as stagflation, a term that captured the troubling combination of rising unemployment and inflation, which challenged traditional economic theories and policies."
