During the Great Depression, the unemployment rate rose to approximately 25 percent. Since World War II, the unemployment rate has typically varied from around 5 percent during growth periods, to 7 to 9 percent during recessions. Full employment does not imply a zero unemployment rate, since some unemployment is inevitable. We are currently at approximately 4.5 percent unemployment in the US, and have been so for a number of years. This is the lowest unemployment rate we have seen in the US in the last 40 years.
Inflation redistributes wealth when it is unanticipated.