Jobless growth is occuring, as the Financial Times suggests. Productivity is part of it as we are doing more work per person. And the scalability of the more modern busines. For example, a web site that earns $10 million a year doesn’t need that many more people to earn $100 million a year. In the past, a manufacturing plant would have needed significant investment in people and equipment to increase to the revenue 10 times.

But remember the overall level of unemployment isn’t that high. Full employment is not 0% unemployed, rather somewhere around 4-5%.