If so, the economy could sustain a higher level of employment and output in the longer run than now anticipated--a very beneficial outcome, albeit one that would require recalibrating monetary policy over time in order to reap those benefits and compensate for the accompanying reduction in inflationary pressures.
A related question is whether the unemployment rate alone is an adequate gauge of economic slack for the purposes of explaining inflation. Although the unemployment rate is probably the best single summary measure of labor utilization, some indicators have shown less improvement since the financial crisis.