Many economists say the US is now at or near “full employment,” meaning the unemployment rate won’t go down significantly more. It’s a state, where employers have to pay up to hire, because it becomes hard to find workers. That’s why wage growth is expected to pick up.
And consider that that says for (a) the midterms and (b) the quadrennial, i.e. Trump in 2020.
(I am constrained to ask, however, as I did during the previous admin, what of those disappeared from the labor force?)