Full employment is an economics term that refers to the lowest unemployment rate that doesn't cause unstable inflation.There is no magic number for full employment, though; according to The New York Times, most economists estimate that full employment occurs with an unemployment rate between 5 and 6 percent.Other People Are Reading.here is no magic number for full employment, though; according to The New York Times, most economists estimate that full employment occurs with an unemployment rate between 5 and 6 percent. Other People Are Reading.