Markets and Economy

Labor Market 101

Our Head Economist explains what the labor market can tell us about the health of the economy.


The labor market serves as a reliable barometer of the overall health of the economy. In this video, learn about topics like:

  • How full employment technically means 0 percent unemployment, but the way it’s used today refers to the minimum level of joblessness that won’t cause a spike in inflation
  • The significance of NAIRU—non-accelerating inflation rate of unemployment—and why it’s not a fixed number
  • Why it’s difficult to pin down the actual amount of labor market slack, or the number of potential workers who could fill open roles
  • How broader unemployment measures can reveal potential workers missing from the headline unemployment rate
  • What all of this means for businesses—even if they’re not currently hiring

View our economic commentary disclaimer.

Jim Glassman, Head Economist, Commercial Banking

Jim Glassman

Jim Glassman, Head Economist, Commercial Banking

Jim Glassman is the Managing Director and Head Economist for Commercial Banking. From regulations and technology to globalization and consumer habits, Jim's insights are used by companies and industries to help them better understand the changing economy and its impact on their businesses.

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