[adventured]

It has been at persistently low levels for seven years years now (obviously the pandemic punched a temporary hole in employment, however the US recovered relatively quickly vs its peers). It's structural, we have a labor shortage relative to the hyper scale of the US economy overall (including its aging demographics as a supply problem). The only thing that will severely dent that context is a bad recession, a big crisis like the great recession.

[soperj]

Historically, that's exactly what happens at very low unemployment levels.