On its face, it seems like an oxymoron that only an economist could love: The job market has actually exceeded the level of "full employment," which sounds like there are more people working than there are jobs.
However, that's exactly the heights where some feel the economy is at this point. At 4.3 percent the unemployment rate has gone well below where anyone expected it and is likely to improve only modestly if at all from here.
"Our findings suggest that the labor market has already slightly overshot full employment," Goldman Sachs economist Daan Struyven said in a report for clients.
While the statement may sound somewhat illogical, the implications are important.
The Federal Reserve watches the employment rate closely for clues about the broader economy. If Goldman is correct and the job market is running ahead of capacity, it has important ramifications for policy.
"The job market is now slightly beyond full employment and any further job overshoot is likely to drive steady monetary policy tightening, in our view," Struyven said.
In economic terms, full employment is defined as the point at which all available workers have jobs. The remaining are out of work for what economists like to call "frictional" reasons, or because they're basically just between jobs or have only recently entered the labor market.