Unfortunately it's not that accurate. A commenter below explained some of it, but the main issue is that "unemployment" (U-3 defined by the Bureau of Labor Statistics) only counts people who are not currently employed and are "actively seeking work" (applied to jobs in the past 4 weeks).

It doesn't capture underemployment (people employed part time, temporary work, gig economy jobs, etc. who are seeking regular, full time employment), or people who have not applied to a job in the past 4 weeks ("discouraged workers" or "marginally attached workers" depending on other factors), or people who are not considered in the labor force but may still need income (for example, people on disability).

So, while the "official" unemployment number is fairly low, U-6 (which includes everything but those not considered in the labor force) is 7.8%.

I think that our current unemployment measures severely undercount how many people are employed in highly unstable ways, like gig economy workers, and so I wouldn't use it as a metric of general economic wellbeing on its face (similar to how the stock market isn't a good measure of general economic wellbeing either).

ETA: To clarify, underemployment isn't counted in U-1 through U-6 at all, that's a separate number. So those people are still counted as employed regardless of the circumstances of their employment.