[kelnos]

In general I agree with you, but some things to note about full employment:

People who have given up and are not looking for work, but instead (for example) move back in with their parents and live a lower quality of life -- not counted in employment figures.

Also these numbers don't take into account underemployment. If you got a 30 hour a week job that pays a quarter of what your old job paid, you're still considered "employed", even though your financial situation is much worse. Ditto for if, to make ends meet, you now have to work three jobs, 12 hours a day, 7 days a week. Yes, those people are "employed", but might be much better off if there were mid- and low-skill manufacturing jobs that have often been the staple of the middle class and working class.