While it is not a perfect measure, there is generally an inverse relationship between inflation and unemployment (Philip's Curve). With the FED increasing rates for the foreseeable future, they want unemployment to rise to cool spending. As necessity prices rise, it will become impossible for most to expand via borrowing due to high rates.

From the vantage point of owning a small recruiting business, there are two job openings for every applicant. Employers are increasing wages to entice workers in some industries and conducting mass layoffs in others. Unemployment would be lower if human resources were resourceful.

Another issue is the government's inability to keep pace with the private sector. If it were up to me, I would hit the reset button. It was done before, and needs to happen again.