Had a look at my data - there are two pockets of excess unemployment - people with lower than high school education and high school education. The Fed can identify the group buy age, skills, etc.
If the US continues to create jobs every month (+/-150,000) - the Fed should reach unemployment rate below 5% (~4.5) by mid/end of next year.
Is that still high? Well, Japan has 3% unemployment rate, Australia used to have 4%.
Or as TM insist - "capitalist need a pool of unemployed people" ...modified Taylor rule for a globalized world.
http://www.investopedia.com/terms/t/taylorsrule.asp
However, it was intentional to mention Taylor's rule, the Fed tends to ignore it
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