Something that is very hard to measure WRT unemployment is the number of people that dropped out of the workforce during COVID. There's also poor reporting on underemployment. I'm not saying that to say the US is just going to drop into a recession or something, it's just unemployment numbers have always been very loose figures.

We could have low unemployment but high underemployment and end up with a similar softening of consumer demand just because people don't have the discretionary income to buy stuff. Underemployment combined with inflation is extra painful.