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Are We Even Close To Full Employment?

npr:

Editor’s note: This is an excerpt of Planet Money’s newsletter. You can sign up here.

The unemployment rate is currently about 3.6%, which is the lowest it has been in five decades. Time to break open the Champagne and blow into kazoos! So we invited an economist to the party, and, naturally, he ruined it.

David Blanchflower, an economist at Dartmouth College, believes the unemployment rate can go much lower. That’s one of the central arguments of his new book, Not Working: Where Have All the Good Jobs Gone?. Central bankers, he says, have been making a huge mistake by not putting their foot on the gas and helping to drive us to an even better job market. The reason for this is that they’ve clung to an old view of what the unemployment rate actually means. What’s changed? And, more importantly, how low can we go?

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    Really are we?
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  10. tinlizziedlinwa said: Hmm. The US Navy Shipyards are hiring (at least we are), and we seem to be having a hard time getting skilled tradesfolk. One reason is they can make 2 to 3 times more “on the outside.” Our main enticements are the benefits like annual & sick leave, health insurance, and student loan repayment programs. But once we train them, they jump ship to higher paying jobs again! They’ll drift back years later, higher up the ladder, ending up in management- for the benefits.
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