It might as well have been reported at 5%, as far out of touch with reality as it already was.
Such a change would require 5% economic growth, and we’re below 2%.
Only if it's based on folks finding work. The U3 unemployment rate (that perverse statistic that only counts folks looking for work as unemployed) could drop 0.3% or more on the basis of lots of folks giving up looking for work regardless of how many folks found work. Didn't labor force participation also dip in September?
Incidentally, I see the U6 was unchanged. Evidently the drop in the U3 (and U4 and U5) was due entirely (up to rounding error) to people getting part-time work or leaving the labor force.