By most measures, the U.S. is at or very close to full employment. The unemployment rate today is 3.6%, the lowest since 1969.
And yet, there is a sense that something is amiss.

Consider the following data points. In a typical full employment economy, this is what you would expect to see:

-- Robust wage growth;

-- Rising consumer confidence;

-- Record employment-to-population;

-- Longer workweeks and more overtime;

-- The chief financial officer survey showing confidence about the future;

-- Rising quit rates as employees aggressively change jobs;

-- Low and falling levels of people marginally attached to labor force;

-- High and rising consumer spending;

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