Yes we do.
What does full employment mean?
More recently, economists have come up with a concept called the non-accelerating inflation rate of unemployment, or NAIRU, measuring the level of unemployment – often referred to as "structural" – that is supposedly consistent with pretty much everyone being able to find a new job if they want. The Bank of England and Office for Budget Responsibility currently put Britain's long-term NAIRU at around 5%.
Unemployment - Office for National Statistics
Shows current unemployment at 4.6% which is below the accepted level defining full employment of 5%.
Please supply the link to this scathing attack. Which even if it exists is not "constantly" berating the youth.
Having almost 1 million people on zero hour contracts is not a success.
The number of zero hour contracts rose by 100,000 from 2015-2016, so strong and stable does not apply to employment then.....
Er, isn't "full" of anything supposed to mean 100%?
If you have something 95% full it's not completely full, is it?
You do seem to be in thrall to statistics created and defined by other people to suit their personal agendas, don't you? I'm pretty sure that the hundreds of thousands of people currently unemployed and having to choose between "gig" employment or zero hours contracts don't regard the current market as fulfilling anyone at all.
And you seem to not accept basic economic concepts. Not unusual for a labour supporter.
Full employment is accepted to be at 5%. It really is that simple.
You will never have 100% employment. If I won the lottery I wouldn't be working. Some will be studying, some taking a break and between jobs. Some on benefits or disabled. Some looking after their family, raising kids while the breadwinner works.
Also zero hours contracts suit some. There are people who have retired but still want to work occasionally. Some who are studying or are not the main bread winner but want to work occasionally and can. As the population has expanded and more are in work then so has zero hours contracts. A healthy economy means lots of options for work.
Quote from The Economist "IN 1977 America's government gave the Federal Reserve what seems like a straightforward goal: maximum employment. Janet Yellen, the current chairman of the Fed, thinks America is pretty close; at 4.7%".
So lower than 5% but still not considered as full employment.A little frugal with accurate truths, not unusual for a Tory supporter
Full employment varies from 4-6.4% "unemployed" depending on what model you use, worldwide. Nothing to do with Tories cheating.
The bank of England defines it as 5%.In the link I provided earlier.
Here is another one.
The labour market - speech by Michael Saunders | Bank of England
Those arguing against this are just making themselves look foolish.
I'm not a Labour supporter. I was until the Party shifted to the Right, sucked up to the Americans and we then went into an illegal war.
I must also confess to having zero interest in "basic economic concepts" as they are just that - concepts - and therefore open to interpretation and manipulation, not fundamental truths.
And I will always look foolish to anyone with Right Wing tendencies, but that's absolutely fine as I don't place any value on what they believe.