The U.S. is 'basically at full employment'

[The Straight Story]

America's job crisis is over, says one of the nation's top economists.

"We're basically at full employment," said San Francisco Federal Reserve President John Williams on Monday. "That's very good news."

Williams believes the U.S. economy is "back on track," and the Fed deserves a lot of the credit for the dramatic turnaround. (President Barack Obama too has been trying to take a "victory lap" on the economy).

Unlike presidential candidates Donald Trump and Bernie Sanders, Williams sees a lot to be happy about. He points to "good" growth of about 2% a year and an unemployment rate that went from 10% at the worst of the Great Recession back down to just 5% now.

http://www.koco.com/money/the-us-is-basically-at-full-employment/39682132

[TransitJohn]

1. LOL

First time in my adult life out of work starting last March. No one hiring geologists.

[GoCubsGo]

10. They're not hiring biologists, either.

Especially not those of us over 50. And, they haven't been for a long time. Nothing like forced retirement when you are years from being able to collect what little retirement you were able to save, without being penalized for it.

[Nye Bevan]

24. What about these?

http://www.monster.com/jobs/search/?q=Geologist

[TransitJohn]

25. Those are all for hydrologists or environmental scientists

Quite outside my bailiwick. Since oil crashed, geologists arent needed.

[NobodyHere]

2. I'll believe it when I have a job

[Runningdawg]

4. I will believe it

when those jobs guarantee 40 hours per week. Working 2-3 part time jobs a week isn't progress.

[cantbeserious]

3. The Establishment Living In Lala Land

eom

[HassleCat]

5. For people such as him, yes.

Williams has a nice job, a big salary, etc. He doesn't have to decide whether to pay the rent or the grocery bill this month. Underemployment, outsourcing, guest workers, etc. all force many workers into low paying jobs at far less money than their skills and education merit. Good for corporations, though, so let's all be happy.

[gollygee]

6. I think a lot of people are under-employed

Once upon a time in my town it was college kids who delivered pizza. Now it's 35-45 year old men. Once upon a time there were factory jobs in my town for them, but now they deliver pizza. They certainly aren't making the wages they used to make.

Although, to make it clear, things seem to be much better than they were 10 years ago. I knew people who were losing their houses, families who were having to move in with parents/grandparents, that kind of thing. There has been improvement, but there is still need for more improvement. Things aren't OK where they are.

[Takket]

7. sweet..........

now all we have to do it..........

establish a living wage
get everyone making the same amount as white men for doing the same work
stop the destruction of unions nationwide
make it possible for people to actually plan for a retirement by ending wage stagnation
bring back jobs that pay respectable salaries so we aren't living paycheck to paycheck in jobs we are overqualified for
and make it possible to get the education needed for those jobs without sinking 100k into debt

but yeah other than that, everything is just peachy!

[TrappedInUtah]

8. Well yeah, people are working

Problem is with the jobs they're working at. Quality union manufacturing jobs are nearly gone. Now everybody is working for peanuts in service jobs or fast food. Working part time for min wage at the local pizza joint and then working weekends as a cashier isn't meaningful employment.

[tonyt53]

9. I'm sure you will be bashed over this post.

But what people tend to forget, or possibly never learned, is that the Great Depression ending was dependent upon two factors. First they federal jobs programs started hiring people and paying good wages, and unions were encouraged. Secondly, WWII. The 2008 Great Near-Depression almost sank us. The GOP refused to go along with much in the way of helping Americans get back to work. the only way Obama got any stimulus package through was that the main jobs created were in law enforcement and education. The GOP would not go for any public works programs.

[underpants]

13. Correct. Massive govt spending got us out of that.

The economist is clearly speaking in a macro sense. Jobs are one thing but wages being actually negative for 35 years is another.

I can't complain. I've gotten two raises this year totaling 10%.

[onecaliberal]

11. Yeah, maybe he should try working at WalMart.

[WDIM]

12. Real unemployment is closer to 20 percent

The vast majority of unemployed are not participating in the labor market and are not counted in their statistics. Names faceless and penniless.

[taught_me_patience]

16. Completely bogus. Even U6 unemployment is at 9.7%

and U6 is the broadest measure of unemployment:

*U-6 Total unemployed, plus all persons marginally attached to the labor force, plus total employed part time for economic reasons, as a percent of the civilian labor force plus all persons marginally attached to the labor force*

[shadowrider]

22. Can you tell me

Where the 96,000,000 who are OUT of the workforce and off unemployment (thus not counted in unemployment stats) are counted? I'm not arguing, just curious.

I got lucky. I had three part time jobs and quit two when I got another job that pays marginally a little more than the two combined. I kept the third because it pays the most. I gotta get out of debt. At this rate, I figure I'll be debt free about the time I turn 350.

[The Straight Story]

31. Ok

you do realize that we have always had people who chose not to be in the workforce, right?

Students, parents, elderly, people who are living off early retirement, etc.

Here is some information on it all (and notice, no one was hardly talking about it this pre-2008?)

http://blogs.wsj.com/economics/2015/10/21/what-we-know-about-the-92-million-americans-who-arent-in-the-labor-force/

[WDIM]

23. There are many uncounted.

They only report those that report to them. Nobody is the counting the homeless. Nobody is counting those that don't qualify for unemployment. The unemployed and underemployed is probably close to 35-40 percent

This is no late 90s tech boom jobs for everybody that wants one economy. We are still in recession that last 7 years have not been that great economically and many people have just given up and they go uncounted.

[uponit7771]

21. u6 is down too, I suspect if it goes below 8 the quit rate will skyrocket and wages will rise...

... that's not a bad thing

[AtomicKitten]

14. I'm making half of what I was making just 5 years ago, so I'm not impressed with the status quo.

[LanternWaste]

15. A 5% unemployment rate is now defined as full employment?

A 5% unemployment rate is now defined as full employment?

Has the standard definition changed is the author simply unaware that Full Employment has a precise meaning...?

(Yes, I read the article. No he does not address my point).

[phleshdef]

19. Its subjective, but a lot of economists will say anywhere from 4% to 5.5%.

[Xolodno]

20. I'll hear anything under 6%

...from time to time. But usually when the unemployment level is high.

[Rex]

17. The PTB only fool themselves, nobody else is buying their propaganda. nt

nt

[philosslayer]

18. Another success by President Obama

That will further cement his legacy. Well done Sir!!!

[tazkcmo]

26. Yay!

Everything is gumdrops and rainbows now! Woot!















sarcasm (Some good news and Pres. Obama gets credit but just having a job is a pretty low bar. How about a decent wage?)

[CompanyFirstSergeant]

27. Full employment...

...with meaningless, bullshit, low paying jobs.

[Odin2005]

28. We've always been at war with Eastasia!

[X_Digger]

29. Congratulations, you're (under-)employed! You get a paycheck, therefore you don't count.

Nevermind the fact that you're slowly draining your savings and tapping what's left of your 401(k) to make ends meet.

Let's not even talk about how wage growth is stagnant while productivity continues to increase. No, no, no- the stock market is up, and (minimal) employment is up, so rah rah rah!

[Todays_Illusion]

30. I think this means our employers will be demanding cheap H1B visa workers saying

"they" can't find workers, when what they mean is they want cheaper workers.

This after 20 years of telling us to not raise the minimum wage, but let the "market demand" set the wages, what they then do after the wage suppression here, is demand even cheaper workers from elsewhere.

I agree with what Bernie Sanders says about H1B Visa workers.

"...End the Economic Exploitation of Immigrant Workers. The visa system must be fundamentally reformed to prevent employers from abusing and exploiting guest workers, especially in the context of H-2B, H1-B, and J-1 workers. Binding workers to a specific employer or not allowing their family members to work creates a situation rife for abuse and exacerbates an already unequal relationship between the employer and the employee. We must substantially increase prevailing wages that employers pay temporary guest workers. To build on Senator Sanders’ previous legislation, Senator Sanders will ensure that if there is a true labor shortage, employers must offer higher, not lower wages..."

From Bernie Sanders Campaign page: https://berniesanders.com/issues/a-fair-and-humane-immigration-policy/

[madville]

32. It really depends on career field and background

It's almost unbelievable how difficult it is for employers in some fields to find employees who can pass a background criminal check, pass a drug test , haven't had a DUI in 5 years so the company vehicle insurance will cover them, and won't steal.

Before I went back to a government position, it was amazing how people could find ways to throw away a $25 an hour 50+ hour a week job, show up on-call and drunk, gassing up personal vehicles on the company card, failed drug tests, stealing scrap metal, etc.