The unemployment rate is cooked. It doesn't capture underemployment, people who want full-time employment and don't have it and people who don't make a living wage.

Long gone are the days when the vast majority of people just have one job. Now it's 2-3 part-time jobs because companies are exploiting a legal loophole where they only have to pay benefits for full-time employees. And then you have people doing "gig" work, which is often sub-minimum wage when you factor in expenses (eg driving for Uber and not factoring in car wear).

On top of all this we, across the Western world there's an increasing youth unemployment crisis. In 2008, entry-level jobs basically disappeared overnight and never came back. Well, that just got worse post-pandemic.