The entire problem with that quizzically rosy statement is the word “essentially.”
Socialists, Marxists - the Politburo in general puts a lot of manure into the definition of that word “essentially.”
The power of essentially.
15 is essentially 14.
14 is essentially 13.
........
7 is essentially 6.
6 is essentially 5.
Therefore, 15% unemployment is essentially 5%.