It says discussions of full employment have been too often narrowly focused on statistical estimates — such as the non-accelerating inflation rate of unemployment .
For example, the unemployment rate has been sitting near a 50-year low for the last 12 months , and some economists have been pointing to their current estimate of the NAIRU to suggest that the unemployment rate is far too low, saying it needs to rise to 4.5 per cent to where full employment really is.
It says everyone who wants a job should be able to find one without searching for too long, and people need decent jobs that are secure and fairly paid. It recognises that the quality of a job and having enough hours of work matters to people.this refers to using different policies to reduce volatility in economic cycles and keep employment as close as possible to the current maximum sustainable level of employment that is consistent with low and stable inflation.
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