  Ten years ago we presented a modified version of Okun law for the biggest
developed economies and reported its excellent predictive power. In this study,
we revisit the original models using the estimates of real GDP per capita and
unemployment rate between 2010 and 2019. The initial results show that the
change in unemployment rate can be accurately predicted by variations in the
rate of real economic growth. There is a discrete version of the model which is
represented by a piece wise linear dependence of the annual increment in
unemployment rate on the annual rate of change in real GDP per capita. The
lengths of the country-dependent time segments are defined by breaks in the GDP
measurement units associated with definitional revisions to the nominal GDP and
GDP deflator (dGDP). The difference between the CPI and dGDP indices since the
beginning of measurements reveals the years of such breaks. Statistically, the
link between the studied variables in the revised models is characterized by
the coefficient of determination in the range from R2=0.866 (Australia) to
R2=0.977 (France). The residual errors can be likely associated with the
measurement errors, e.g. the estimates of real GDP per capita from various
sources differ by tens of percent. The obtained results confirm the original
finding on the absence of structural unemployment in the studied developed
countries.
