his week is chock-full of labor market data: The Job Openings and Labor Turnover Survey came out on Tuesday, followed by ADP private sector data on Wednesday, jobless claims on Thursday, and the jobs report on Friday.
The big number many are waiting on this week is the September unemployment rate, which will come out in that Friday jobs report. Last month’s rate was 4.1%, which is interesting because of something Federal Reserve Chair Kevin Warsh said at his press conference a couple of weeks ago: “We believe that the unemployment rate is running basically consistent with full employment.”
But what does “full employment” mean?
“I guess I think of it more as like a bathtub that you’re filling with water,” said Alicia Sasser Modestino, professor at Northeastern University’s School of Public Policy and Urban Affairs. “There’s a certain level of water that is ideal, so that when you get in the bathtub it doesn’t overflow. But you also want to be in a bathtub where there’s enough water that you’re going to enjoy that bath, right?”
