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According to Bloomberg, U.S. central bankers seem to feel that when it comes to employment, they’ve done about as much as they can. As a result, the Federal Reserve’s Monetary Policy Report (released last week) concluded that the labor market was “at or a little beyond full employment.”

1. If you boil the whole article down to one word, what would it be?
2. What is happening with unemployment according to the article?
3. What has been a critical development in recent years regarding labor force participation and how does it typically trend?
4. What has a recent study from the Kansas City Fed argue?

Dutta, N. (2018) The Fed May Have Jumped the Gun on Full Employment., March 26 (Retrievable online