Unemployment rate doesn't give you the full story. It's always been a suspect metric in my opinion, kind of like how people use Kelly Blue Book values for cars. It's not a good reflection of the real world complexities. I'm not unemployed, but I'm also stuck in my current position because of the 100 applications I may have applied for, I get a response from 1 and I may not even make it to the interview phase. Pre-2020 that would've been 1 in 10 applications. Unemployment rate doesn't capture that. It doesn't capture stress levels due to lack of mobility between employers, nor people that have given up, nor part time workers, etc