Unemployment is almost back to normal, but the economy isn't. That isn't because the unemployment rate is a conspiracy to make things look better than they really are. It's because even though the unemployment rate tells us the most about the labor market, it doesn't tell us the full story.....this shadow unemployment means our jobs hole is more than three times as big as it looks. That, at least, is what economists Danny Blanchflower and Andrew Levin found when they looked at how low the unemployment rate is versus how low we think it could go, how high the participation rate is versus how high we think it could go, and how many people can only find part-time jobs.....
instead of being a million full-time jobs short, like the unemployment rate says we are, we're about 3.5 million short.
... it's not often that shadow unemployment is a bigger problem than regular unemployment, but this is one of those times.
For full paper, Labor Market Slack and Monetary Policy, Blanchflower and Levin, see http://www.dartmouth.edu/~blnchflr/papers/Blanchflower-Levin%20labor%20slack%2024mar2015.pdf
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