The Relationship Between Labor Market Strength and Unemployment

One of the most striking features of the economy right now is the strength of the labor market. It's continuing to add jobs, maybe not quite as fast as before but this is still a pretty hot labor market with a very low unemployment rate. And I think the reason why people don't sort of see or feel the recession, what they see is real wages, going up, they see job opportunities. In fact they're just, you know, way too many openings relative to the people who seem able to fill them.