It's true that companies are having a hard time finding employees. And it's also true that fewer people are in the workforce than before, largely due to retirements. So that paints a picture of an economy where there are plenty of jobs available and not enough people to work them, which is low unemployment.

But high employment seems a little different to me than just low unemployment, just because my read is that there's fewer people working in general than before the pandemic (IIRC). [1][2]

[1] https://www.uschamber.com/workforce/understanding-americas-l... [2] https://www.fitchratings.com/research/sovereigns/fittch-rati...