The IMF World Economic Outlook reports the following unemployment rates:

Region 2010 2011

United States 9.6 9.0

Euro area 10.1 10.9

Japan 5.1 4.5

1) What do these numbers tel us about the phase of the business cycle in the three regions in 2011?

2) What do these number tell us about the relative size of their natural unemployment rate?

3)Do these numbers tell us anything about the relative size of their labour force participation rates and employment-to-population ratios?