The job openings for February is out. There are 5,133,000 open jobs in US. This is the highest in 14 years:
There is no argument about underemployment. Many part timers would like to have a full time job. At the same time, job openings go unfilled. This is a structural problem. Peoples skills do not match the available jobs or they are not willing to relocate for a job.
Given the structural issues, perhaps there is not as much slack in the economy as FED thinks. Perhaps US economy is a +2% growth donkey and not +4% race horse. This may be as good as the economy can possibly get and no amount of whipping with 0% interest can make the donkey go faster.
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