MINNEAPOLIS, Minn. - Our country's unemployment rate is under four percent, the lowest it's been since 2000.
"We had a long way to go. I mean we had a really high unemployment rate for a period of time. So, there was a lot of slack in the economy," said Dr. Keith Gilsdorf, an economics professor at Augsburg University in Minneapolis.
In October 2009 unemployment topped out at 10 percent, it's been a steady decline since.
So, how long will it last?
"I don't think that you can think of it as a permanent kind of place where the economy is going to continue that for a long period of time," said Dr. Gilsdorf.
History supports that.
Unemployment hasn't stayed below four percent for a sustained period since the 1960s. But, while hundreds of thousands of jobs are being added each month, our wages are only inching up.
"It's a tight labor market and there's going to be pressure for employers to try to attract workers to their business, and at some point they're going to have to offer higher pay," said Dr. Gilsdorf.
Gilsdorf points out, though, that the real challenge is going to be how the Federal Reserve handles this kind of prosperity. We don't want the inflation rate getting out of control.
"We've had, I think, other experiences in the past where rates might have been raised too quickly and it ends up causing a recession. It's not an exact science about how to do this," said Dr. Gilsdorf.