The unemployment rate no longer seems to reflect America’s mood.
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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.