https://fred.stlouisfed.org/series/UNRATE

In my adult lifetime, the minimum possible sustainable unemployment rate was said to be 5%. It could be a little bit lower without driving inflation much higher, but not much lower. Well … in 2018-2019-2020 we reached a solid sub-4% rate and stayed there, without triggering accelerating inflation. In a short 2 years after the pandemic shock, we returned to sub-4% unemployment.

At the state level, we have 19 states with less than 3% unemployment, a previously unimaginably low level. We have 40/50 states below 4%.

https://www.bls.gov/web/laus/laumstrk.htm

At the metro area level, the results are even more amazing. A majority of the 389 areas have unemployment rates of 2.9% or lower. 3 New Hampshire areas have unemployment rates of 1.1%. Seven Alabama metro areas show 1.6% unemployment!

https://www.bls.gov/web/metro/laummtrk.htm

Yes, we also saw good news 12 months ago.

Good News: Widespread 2% Unemployment Rates