In the big scheme of things, the US job market looks great. Until we see the tide change and huge unemployment numbers, technically the US doesn't meet the criteria of stagflation, where employment is the third leg of the three-legged stool.
But it's all in the eye of the beholder, and more and more, "reality" is defined by the individual.
Full employment: when U-3 is less than 4%.
Alternative measures of labor underutilization, table A-15, US BLS, link here.
US civilian labor force participation rate, link here:
Global civilian labor force participation rate, link here:
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