Is The “Full Employment” Meme A Myth?

I talk to a lot of folks (both pros and retail guys/gals) about markets and, more generally, the state of the economy. One of the most common threads seems to be a general sense of incredulity regarding the whole "full employment" meme. While everyone has their own explanation for doubting the official data, most people seem to share this kind of gut feeling that this economy just doesn't feel like it's hitting on all cylinders. Here's all you need to know, summarized in one excerpt, three cha