Probably the question is not about a low unemployment rate, it’s about the workforce participation rate. It’s the participation rate that’s the problem.
Some say people left to find better jobs. But everyone is short of labor. Trucking, manufacturing, medical care, banks, restaurants, retail, everybody.
Some say it’s because people are living off their savings. But the stock market has shed trillions of dollars during this bear market, so that can’t account for the large number of unfilled positions.
You are right, there are people working. But there are only a few who actually go to work and they furiously try to keep up.
So there are two possibilities...either there are a whole lot of people who just don’t want to work and are not counted as unemployed...or they are dead. And it is true that more people are dying than usual and it’s not because of covid.
https://tobyrogers.substack.com/p/allcausemortality
So why are people dying? Lockdowns, vaccines, fentanyl?
How about couples with young children who found out during the last couple of years that they could live on one salary with one parent staying home. They may have had to cut down on eating out, vacations, etc. but not taking little children to daycare can make home life a lot less stressful.