We May Be Closer to Full Employment Than It Seemed. That’s Bad News.

In this New York Times article, the author challenges the widely held belief that the United States is nearing full employment. By analyzing various economic indicators, the article suggests that the labor market may not be as strong as it seems. It explains how traditional measures of unemployment fail to capture important nuances, such as discouraged workers and those in part-time jobs who desire full-time employment. The article argues that these factors contribute to a more expansive definition of unemployment and indicate that there are still significant challenges in the job market. Importantly, it emphasizes that the belief of being close to full employment can lead to complacency and prevent necessary policy interventions to address the underlying issues.