What do you conclude from this? That the economy is booming? That a recession or financial crisis is unlikely? What does an unemployment rate of 3.7% mean when

What do you conclude from this? That the economy is booming? That a recession or financial crisis is unlikely? What does an unemployment rate of 3.7% mean when the labor force participation rate fell off a cliff in 2009 and has never recovered? https://fred.stlouisfed.org/series/CIVPART https://fred.stlouisfed.org/series/CIVPART What does it mean when long-term government debt in Europe and Japan has a negative yield, or short-term debt in the US yields more than long-term debt, or defaults on mortgages and consumer loans are increasing? If the economy is booming, what does it mean when there's incredible pressure on the Federal Reserve to reduce interest rates that are already historically low? If the economy is healthy, what does it mean when the government runs record-setting deficits and piles up more trillions in unpayable debt? Shouldn't we pay off debt during the boom, so we have something left in the tank for the bust? Defaults on mortgages and consumer loans are increasing. We see trade war, actual war, mass migration, splintering nations, evaporating civil society, ineffective institutions and levels of inequality not seen in generations. These are signs of deep dysfunction with no obvious solutions. Governments, banks and corporations have few tools to deal with crisis when it happens. What exactly does a 3.7% unemployment rate mean in this context?