[Economic term] Pain index

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Today's economic term is pain index.

It is the sum of the consumer price inflation rate and the unemployment rate and is an index to measure the quality of life of the people created by American economist A. Okun in 1975 based on the fact that unemployment and the inflation rate have a significant impact on people's lives. . The higher this figure is, the more unemployed people are and the higher the price level is, which means that the pain in life felt by the people of a country increases.

Meanwhile, there was news that our country's economic distress index this year was better than last year. Nevertheless, it is said to be higher than in 2020, the first year of Covid-19.

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