That's the lowest rate since 1969.
It's below full employment. That is, statistically, it's so low its way lower than statistical full employment, which is usually regarded as 7%.
In 1969 1/3d of all Americans were employed in manufacturing. And there was a large scale draft on due to the Vietnam War and the Cold War. The economy was radically different. Fewer, far fewer, women were employed, far more Americans worked in manufacturing jobs that gave them a good middle class income.
You can argue this a number of ways. To some extent, undoubtedly, the economy of 1969 was better than the one now, even if you subtract out the impact of conscription. A family was much more able to get by on one income than it is now, so overall spending power has declined.
Still, down to 3.7%? No matter what you think of whose in charge and why this is going on, that's really impressive.
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