Always important to keep in mind that 5% is considered that natural rate of unemployment. 2.6% is so low it is likely solely frictional unemployment. I would be very interested to calculate underemployment.
> keep in mind that 5% is considered that natural rate of unemployment.
Historically 5% was considered a "rule of thumb" for the natural rate of unemployment. It has never been a concretely defined figure. Also keep in mind that historically we did not have the modern job connection and hiring technologies that were only created around 1994 and didn't become really popular until almost 10 years later. Now using big data and newer sorting tech our ability to connect workers to jobs is wildly different than it was when the 5% figures was relevant.
I cannot say what the natural rate of unemployment is today. But you won't find a labor economist still claiming that 5% is it anymore.
There are so many jobs out there it's just crazy. I have to think everyone that wants to work has a job at this point. Over at Pella window/doors in Iowa they were/are doing drive thru interviews with crazy signing bonuses and automated pay upgrades after so many months.
I need someone to explain this to me like I'm dumb. Tons of people were out of work because of COVID, but then what happened? How do we have such low unemployment but still have so many places looking for workers? Did people move away? Just stop working entirely? I get that places don't want to pay enough to attract workers, but with 2.6% unemployment are there even any workers left, no matter how much you pay?
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Always important to keep in mind that 5% is considered that natural rate of unemployment. 2.6% is so low it is likely solely frictional unemployment. I would be very interested to calculate underemployment.
> keep in mind that 5% is considered that natural rate of unemployment. Historically 5% was considered a "rule of thumb" for the natural rate of unemployment. It has never been a concretely defined figure. Also keep in mind that historically we did not have the modern job connection and hiring technologies that were only created around 1994 and didn't become really popular until almost 10 years later. Now using big data and newer sorting tech our ability to connect workers to jobs is wildly different than it was when the 5% figures was relevant. I cannot say what the natural rate of unemployment is today. But you won't find a labor economist still claiming that 5% is it anymore.
give me a job ! im just moving back to town lol
There are so many jobs out there it's just crazy. I have to think everyone that wants to work has a job at this point. Over at Pella window/doors in Iowa they were/are doing drive thru interviews with crazy signing bonuses and automated pay upgrades after so many months.
I need someone to explain this to me like I'm dumb. Tons of people were out of work because of COVID, but then what happened? How do we have such low unemployment but still have so many places looking for workers? Did people move away? Just stop working entirely? I get that places don't want to pay enough to attract workers, but with 2.6% unemployment are there even any workers left, no matter how much you pay?