Tuesday, February 13, 2018

Are We at Full Employment?

Are We at Full Employment?
Bella Dettlaff

We have reached Full Employment. As of 2018, the United States is arguably close to full employment for all citizens in America. When citizens and economists communicate on full employment, that doesn’t mean that you can cut unemployment to zero and that does not mean that everyone has a job. In that case, if unemployment falls too much then inflation will rise as employers will compete to hire workers and push up wages too fast. In other words, the real definition of full employment is that unemployment has fallen to the absolute lowest possible level that would not cause inflation. 

According to the The Bureau of Labor Statistics jobs report, it showed that for nearly about a full year straight, the unemployment rate has remained under 5%. That’s praiseworthy. This is considering the interesting fact that unemployment rate has exceeded 10% during the grand height of the recession. Now, in the recent days, some are saying the constant streak of low unemployment says that the country has reached a big post-recession goal: full employment, which many economists will define as the point where everyone who wants a job has one. This is then essentially, how economists ask whether this is as good as it gets for labor markets. But is America really there yet? 

I believe that yes. Yes, the United States is currently at full employment. I believe that they should declare that we are in full employment or that we are at the optimal position. This is because there are economic consequences to calling it too early or too late but I believe that it is the correct time to call it. In theory it would occur when unemployment is as low as it could go. Like stated, the labor market is employing everyone, all citizens who wants to work, but the supply-and-demand dynamics have not yet shifted in a way that causes wages and prices to rise. As teengaers, it’s time to search for that after school, weekend job. This is because employers are willing and wanting to hire all who are willing to work and do their job. Us as teenagers and even citizens older than young adults should be searching for that job as employers will be willing to hire you. So although there has not been a full declaration of the full employment, the United states is there! Teenagers and all who want a job and are willing to work and do what has to be done, should. It’s the time. 


Works Cited
Crook, Clive. “Full Employment.” Bloomberg.com, Bloomberg, 10 Apr. 2015, www.bloomberg.com/quicktake/full-employment.

Leubsdorf, Ben. “Economists Think the U.S. Economy Is At or Near Full Employment.” The Wall Street Journal, Dow Jones & Company, 11 Jan. 2018, blogs.wsj.com/economics/2018/01/11/economists-think-the-u-s-economy-is-at-or-near-full-employment/.

White, Gillian B. “Full Employment: Are We There Yet?” The Atlantic, Atlantic Media Company, 27 May 2017, www.theatlantic.com/business/archive/2017/05/full-employment/528339/.

6 comments:

  1. I think that your connection to our current unit was great. You spoke about employment, what unemployment is on a global and national spectrum, and inflation. In addition, this was also very relevant and credible information, considering the data was sourced from this year and our government’s websites. Content wise, I agree with you that we are at an optimal point of employment in the United States. It is not difficult to find some type of work and - personally - not many people that I know are unemployed by actively looking for a job. And this is simply because our economy is growing and we are recovering from the daunting recession. People are definitely willing to work, are wanting to earn money, and will begin (usually) when they begin to drive. This was not the majority trend years ago, but now, we are recovering and jobs are opening up and industries (especially technology) are expanding, thus leading to full employment. Nice job!

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  2. I think this well written piece was very important to people who read it and you did great job making it relevant to our unit of study. It's important people realize the current state of our economy and knowing how the unemployment rate is doing is an important factor in looking at our economy. There's a lot of people who think that full employment means everyone in the country has a job, but that's not the case. However, I think it's a lot harder for people who just starting their careers to find a job because the unemployment is so low, there isn't enough room for all those young adults because if the unemployment rate gets too low inflation will occur and the wages will go up too fast. I agree with Kate on how the recession was able to make us expand and have the unemployment rate we have today.

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  3. I think that this piece was very well connected to our unit, and showing how successful our economy is currently. I too agree with Kate that the recession was able to allow our economy to rebound and come back stronger with lower unemployment rates. I also think it was a very smart connection that the economy cannot wait around until unemployment is zero, because that will never realistically happen and allow the economy to be successful at the same time.

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  4. This piece is very well connected with the unit we are doing now. This is very important that people can see that America is doing a good job with providing jobs for everyone. This may also cause a problem in the future, if all the jobs are taken and everyone is employed there isn't going to be as many job opportunity for future generation to have. Also I think a country will never be at 100% full employment because new jobs can always be created just some people may not like those jobs it will leave them unemployed.

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    Replies
    1. I agree with how it is connected to the unit but I disagree when you say that it might make problems in the future. I think that if everyone can have a job the economy will be way better and there is going to be more opportunities for the future generations because an increase in technology will help them take over jobs from family members and get exposed to work at an earlier age because of their parents experiences.

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  5. Thanks for sharing article about Employment in United States and Top Staffing Firms
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    Employment in United States

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