The president of the Federal Reserve Bank of San Francisco, John C. Williams pronounced in a recent speech (September 6, 2016) – Whither Inflation Targeting? – that “We’re at full employment”, meaning US economy that is. He must have access to different data than the US Bureau of Labor Statistics (BLS) publishes, because the official data tells a very different story once you understand what it is you have to look for in the statistics presented. Last week, the US Bureau of Labor Statistics released the September 2016 – Employment Situation – which showed that total non-farm employment rose by only 156,000 and the unemployment rate remained “little changed” at 5 per cent. The Federal Reserve President’s surmise raises the question as to whether the US has returned to where it was before the GFC. Despite his optimism, the evidence refutes the claim that the US is near full employment. It also suggests that the situation is more likely to worsen than to improve.