Are people overreacting to job numbers?

With more boomers retiring than younger people entering the work force our old standards for how much job creation we need might be approaching moot status.

If you look at our historical unemployment numbers, we are running somewhere towards the lower to middle portion of the pack. Historically, whenever we see unemployment reach about 3.5 or so, we are actually running into issues with employers not able to find workers. They say 3% or more of the population will always be between jobs for various reasons that is not tied to any hardship.

It's also turned into somewhat of a myth that we need 150K jobs every month to keep up with the increased workforce. Our workforce has not gone up appreciatively for some time. We may also be looking at illegals leaving and those jobs being filled by Americans actually in the workforce. We may not "need" many more jobs for some time, as that whole dynamic changes.

All that being said, this is more justification for a rate cut, and not something like a quarter point either. People can bitch and moan about the economy, but our Fed is doing everything in it's power to keep it depressed. One get's the feeling that once the rates are back down to a reasonable amount and in line with the rest of the world, that our economy will take off. In fact, there is little reason to believe otherwise.