North Carolina has crossed the economic threshold of full employment with the jobless rate declining to 4.9 percent in June, the state Commerce Department reported Friday.

It is the first time since September 2007 — nearly a year before the Great Recession began — that the rate has been below 5 percent

Yet, what the rate means varies depending on whom you ask.

For nearly 70 years, a 5 percent unemployment has been considered the point at which everyone who wants a job has one, employers have the skilled workers they need, and there is limited inflationary pressure on wages.

However, employment data continues to suggest that no such full-employment balance exists locally or statewide.

In reporting the decline from 5.1 percent in May, Commerce said there was a gain of 10,400 private-sector jobs and 9,000 government jobs from May to June. Those job figures come from the monthly employer payroll survey.

Particularly encouraging was a net gain of 4,200 manufacturing and 2,100 construction jobs, along with 3,000 in leisure and hospitality, 2,100 in trade, transportation and utilities, and 1,800 in professional and business services.