Is a recession possible with unemployment this low?

We got some fresh unemployment figures last week, for both New Zealand and the US. In both cases, the upshot was that the labour market is still extremely tight and wages are still rising solidly, albeit at a slower pace. Against that backdrop, it’s hard to believe a recession might be on the doorstep of either country. Things can’t be that bad when everyone has a job and the labour market is still ticking over nicely, can they?