Should-Read: That prime-age employment-to-population has been increasing without vacancies increasing tells us, I think, that the economy is not “overheating”, but rather getting closer to some medium-run concept of full employment as the hysteresis effects of the Great Recession are slowly being repaired: Nick Bunker: “What does this tell us?: “.@de1ong asked so here it is: the Beveridge Curve with the prime employment rate instead of U3…

…What does this tell us? Notice that most of the movement recently has been sideways as prime EPOP has increased & vacancies haven’t increased much. Like the U3 curve did as it started shifting back. In other words: this could be just another sign of remaining slack. Graphs collected here https://t.co/Hu6JPSorXJ. See you all on May 8th! (back to JOLTS Tuesdays!)…

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