>The fuller employment, the less need employers have to compete for workers on wages.
I think you have that backwards.
I think you have that backwards.
3% unemployment, more people taking up the fixed amount of job openings, less job openings, employers less desperate to hire
Am I missing something?
I think so. Your causality is wrong.
Strong economy -> More demand for employees -> Low unemployment Weak economy -> Less demand for employees -> Higher unemployment
Maybe I am thinking in the wrong terms?
What would you define what we had in COVID?
High demand for employees... was that because of low or high unemployment in your mind?