this post was submitted on 12 Mar 2024
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How would a lack of labour keep wages low? It's the most basic law of economics, low supply means high prices.
Because I said it's the myth of labour shortage that keeps wages low. As in, the neoliberals say that there is a labour shortage, which lets them justify policies that increase the supply of labour.
Feb 2024 unemployment rate was 5.8%. That's basically full employment. Unless you think that's a conspiracy?
Not only this unemployment number does not count people who have given up looking, but 5.8% is 2.3 million people looking for a job at a wage they can't find. This is definitely not full employment, by definition. No conspiracy required.
How do you define full employment then? Economists say roughly 5%, as you need a little flex since you can't perfectly match everyone with a job. The link from Stats Canada also included the participation rate, which is 65.3%. This is fairly typical and doesn't suggest the unemployment rate is boosted by people leaving the workforce.