The unemployment rate was 3.5% in February 2020, which was hardly 58 years ago as the sensational press pretends. Yet nobody was then worried about "wage-push" inflation in early 2020 as they are now with a 3.4% rate (3.9% before a seasonal adjustment transformed post-Christmas job losses into gains).
The difference in inflation before and after the multi-trillion-dollar fiscal stimulus schemes of April 2020 to March 2021 cannot possibly be attributed to a difference in unemployment rates.
And a one-month seasonal adjustment to January's actual cuts to holiday jobs and retail spending would be an absurd justification for the Fed's "Phillips Curve" impulse to measure success by how high they can raise the unemployment rate rather than by the sharp drop in inflation since last June.
PCE inflation averaged 2.1% in the second half of 2022.