" we are quite close to full employment,” said Thomas Costerg"

Too bad Mr. Coasterg can't quote the real unemployment rate which is closer to 10%.  The U-6 rate includes underemployed and dropped out workers and indicates there is far more slack in US employment than he seems to be willing to acknowledge.  

The participation rate is 5% lower than it should be.

Also, there is probably no representation of the very large underground market built on illegals in the US so any forecast based on the superficial U-3 is unlikely to predict what is actually going to happen.

Cheers,
John Meyer