There have been many cases where those who had worked as part-timers but wanted to become employed as full-timers have been able to do so. Moreover, the active job openings-to-applicants ratio of full-time employees exceeded 1 in June for the first time since the statistics started to be compiled in 2004 (Chart 5).
), while the fourth dimension comprises the simultaneous clearing conditions in all the markets subject to sectoral budget constraints. In this conceptual framework, failures or shortcomings with respect to any of the first three dimensions will have implications for market clearing conditions which will in turn feed back on the real economy.