U6 is trending down too, that doesn’t mean much.
The real problem is the labor force participation rate.
Isn’t part of this labor participation number composed of people retiring early at age 62 and collecting reduced social security? I know at least one person who has done this. She was laid off and couldn’t find work for the longest time. Now she’s taking her benefit early. Of course the check is permanently reduced by about 25%, and that’s not good, but I’m wondering how many people are in this category.