'Full Employment' a Long Way Off

Philadelphia Fed President Charles Plosser, the consistently incorrect member of the Federal Reserve, proclaimed on Wednesday that “the economy is near full employment.”

With hindsight being 20/20, if you polled a thousand people after Friday’s employment numbers, virtually all would agree that adding 321,000 jobs was good. But with the unemployment rate at 5.8 percent, the workforce is a long, long way from “full employment.”