I am reminded of this tweet from one of the Federal Bank guys [1] > We were at maximum employment. We are now at maximumer employment. > I thought the "tongue

I am reminded of this tweet from one of the Federal Bank guys [1] > We were at maximum employment. We are now at maximumer employment. > I thought the "tongue-in-cheekiness" of my tweet would be obvious. Allow me to translate: We keep saying we are at max employment and then all these people choose to work. It suggests we weren't really at max employment. [1]: https://twitter.com/neelkashkari/status/972142317162369024 https://twitter.com/neelkashkari/status/972142317162369024 And more recent [2] > 1. Yes it matters 2. Even more important is that we should now recognize our gauge of labor market slack is broken >> What metric would you suggest instead? > A combination of factors: prime age LFP and EPOP. Most importantly: when assessing supply and demand in a market, start by looking at the price. Wage growth has been surprisingly slow. Suggests more slack. [2]: https://twitter.com/neelkashkari/status/978041558342791176 https://twitter.com/neelkashkari/status/978041558342791176