Is the economy really bad now? US unemployment rate is lowest it has been since 1970, where I live the restaurants are full, roads are full of cars, planes are

Is the economy really bad now? US unemployment rate is lowest it has been since 1970, where I live the restaurants are full, roads are full of cars, planes are full of people, hotels are booked for events well in advance. What exactly is bad besides people having less throwaway cash because eggs and bread is more expensive? Tech layoffs are, IMHO, more an excuse to cull bloated orgs without getting negative press because everyone is doing it, not because of necessity. We're past the Ukraine/Russia war shock and resource shortage scares, what else?