The U6 figure is tremendous right now. 7.1 in May, 7.2% in June. It's nearly as low as it was at the peak of the end of the economic boom in September 2000. The best we have seen in two decades.

> If you look at where all the jobs are, it seems to be they're all in low cost, low skill areas: waiting tables, dishwasher,

Well of course that's a big part of it. Those are the jobs that get the most wiped out in recessions. People with four year degrees or better see far fewer layoffs and far lower unemployment rates through weaker economic times.

There are ~7.4 million job openings, an immense figure compared to those seeking jobs (compared to what has been normal in the past). Those are not mostly in waiting tables and washing dishes. Manufacturing for one example added 300,000 jobs over the prior 16 months or so.