https://fred.stlouisfed.org/series/UNRATE
I'd ignore the headline number and wonder what the longer term trend means because this isn't normal.
This stat makes a lot of sense for the most part. A stay-at-home parent isn't really unable to find work so shouldn't be counted in unemployment stats (for example).
But sometimes you miss the folk that have become disheartened. I know a few of those folk right now in the tech industry who want to look but just aren't. Our stats miss "mood" in a sense (hard to quantify of course).
But right now the mood is bad.
So job “growth” is overstated because much of that growth is macro demographic replacement.
But them being out of the workforce entirely shows up in the looking for work numbers decreasing. Therefore their leaving is accentuating 1 and dampening the other.
So more non-producers, who require non-productive health care means that lower unemployment doesn’t feel like a good economy. Thus their leaving healthy post covid number but other measures seeming bad.