hmm but unemployment rate is rock bottom. Under a rational expectations framework, the layoffs in anticipation of higher interest rates should have occurred 3-6 months ago. Also, unemployment was low in the 90s despite high interest rates.
In a way it kind of looks to me like we have reached peak population, at least in the US. Every generation hereafter will have a workforce equal or less than the current in size. That is, unless birth rates change or immigration is allowed on a larger scale.