Why we are now at 4.9% Unemployment
It's really pretty symptomatic. Government mandates that people working over 30 hours are "full-time" or employers get fined. Employers like keeping their money - not giving it to government. So employers make sure their employees work less than 30 hours a week, but to compensate have to hire more workers. Thus we have more people being employed, but at a lower overall compensation package.
The middle class is shrinking and the lower class is growing. This means less demand for non-essential goods and price deflation on many goods, in particular real estate.