How low can unemployment go?

Falling unemployment is usually something to cheer about. For now, however, the Federal Reserve’s efforts to cool the economy could become more difficult as the unemployment rate falls.

The unemployment rate is already very low — the Labor Department reported Friday that it fell to 3.6% last month from 3.8% the previous month, nearing the 50-year low of 3.5% it has hit in February 2020, just before the pandemic hit. And it could easily go lower, maybe even significantly, in the coming months. How low can unemployment go?

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