Euro area Use the following data to work Problems 28 and 29. The IMF World Economic Outlook reports the follow- ing unemployment rates: Region 2007 2008 United States 4.6 5.4 7.4 7.3 Japan 3.9 3.9 28. What do these numbers tell you about the phase of the business cycle in the United States, Euro area, and Japan in 2008? 29 What do these numbers tell us about the relative size of the natural unemployment rates in the United States, the Euro area, and Japan? 30. Do these numbers tell us anything about the rel- ative size of the labor force participation rates and employment-to-population ratios in the three regions? 1217454015 BAR