I wouldn’t take that 5% as the end all be all, nor declare that GA is near full employment. The U-6/rate (includes unemployed, underemployed, and discouraged = “dropped out of labor force”), total labor force participation (still down from precovid, but much better than 6 months ago), and total labor force (also down from precovid, but also much better than 6 months ago) should also be considered when really assessing the relative health of the labor market and availability of suitable labor. Here’s the link to the Bureau of Labor Statistics https://www.bls.gov/eag/eag.ga.htm. You can see that the labor participation rates and low unemployment all peaked from about September 2019 until just after January 2020.

Also in the data is a measurable upward trend on hourly wages (I know C19 is the important notable exception for most everyone here). A combination of less government money to stay home, tightening expectations that jobless seek jobs, and employers raising wages to attract new workers may coax more into the workforce. Our own company has historically had problems understanding that the labor market in different locations requires acknowledgment and adaptation to get the same product. You can’t pay GA wages for ramp personnel in NYC and expect to attract or retain the same quality of workforce, the entire market for labor and cost of living is higher. You actually need to pay more, but that often befuddles cube dwellers in the GO.