> "Full employment": sounds like 0% unemployment to me, but in fact they target some non-zero value, around 5% I think. 3-5% sounds plausible. Even with full e

> "Full employment": sounds like 0% unemployment to me, but in fact they target some non-zero value, around 5% I think. 3-5% sounds plausible. Even with full employment, people will be unemployed for short periods of time while they're between jobs. And these phases are going to get more significant in a gig economy, where you don't stay at the same company for 40 years anymore. Similarly, as a large-scale landlord, you can always expect some 3% of your apartments to be vacant even in markets with high demand because some time passes between the old tenant moving out of an apartment and the new tenant moving in. (Source: My father is working in that business.)