Mar 15, 2021
What “full employment” means in a pandemic-ravaged economy
Play • 28 min

“I’m hopeful that, if we defeat the pandemic, that we can have the economy back near full employment next year,” Treasury Secretary Janet Yellen said over the weekend. “Full employment” is a sweet spot for the economy in which the jobless rate is as low as possible without employers bidding wages through the roof to get the workers they need, everyone who wants a job can get one and inflation doesn’t soar out of control. So what might full employment look like to Federal Reserve and Treasury policymakers? Also on today’s show: a new infrastructure bill that goes beyond roads and bridges, why economists think peer-to-peer payment apps like Venmo will continue growing after the pandemic and SoundCloud wants to do better by musicians.


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