The unemployment rate no longer seems to reflect America’s mood.
Check it out:
Friday’s strong jobs report showed that the jobless rate — the most closely watched gauge of the economy’s health — is down to 5.8 percent. A year ago, the rate was 7.2 percent. Five years ago, it was 10 percent.
It’s the kind of sustained decline that would normally suggest a satisfied public.
Many Americans don’t feel they’ve benefited from falling unemployment any more than they have from a sustained rise in the stock market or from solid U.S. economic growth.