Unemployment rates mean nothing. They are hocus pocus. Job participation is what needs to be looked at. It went from 66.2 % to 62% in ten years. A 4% drop is millions of people not even looking for jobs anymore.
Although would we not expect a 4% drop as boomers left the economy.
“Job participation is what needs to be looked at”
I’ve always thought that too. Maybe it’s called Labor Participation Rate.