I disagree with you - sorry.
The unemployment rate is one figure. It gives an indication and of course if it drops has it has been doing consistently for a while it is a useful indicator.
But there is a large pool of part-timers. You go in to any supermarket, fast food joint, the care industry, general retail.
Lots of jobs, makes the employment stats look good, but we could "lose" 500,000 employees very easily and the people on part-time or out of work can take up that slack, earn that money, afford a house, a holiday.....