It's worth discussing subgroups. An unemployment rate of 5% is probably fine if it is uniformly distributed; but we know it's not.
Some subgroups, like minorities and young adults, have been plagued by much higher numbers which are a problem. Someone who can't get a foothold in the job market will likely have lifelong challenges.
A rate of 3.5% almost certainly mean improvement for these subgroups.
Some subgroups, like minorities and young adults, have been plagued by much higher numbers which are a problem. Someone who can't get a foothold in the job market will likely have lifelong challenges.
A rate of 3.5% almost certainly mean improvement for these subgroups.