Not at all. The current numbers don't take into account those who are grossly underemployed and overqualified for their current positions, those whose unemployment benefits have run out, nor those who are working part-time. The best case scenario is that rather than hire new employees, companies will increase the hours for their part-timers. Personally, I am worried that so many retirees are collecting pensions and still working (especially in my local government). Moreover, people who should be able to retire either didn't save properly or lost their savings somehow so they are still working too. Our population continues to grow every year and no more jobs are being created. The problem will become exponentially worse except for those who possess advanced college degrees or are otherwise indispensable (or close to it).