Good for the economy but this is what the Fed wants to see when contemplating whether to raise rates or not. They want to start raising rates just as the economy has mended so that they can prevent an economic bubble from occurring.
The reason for raising rates before used to be inflation but China has solved the inflation issue. For the last 20 years they have effectively had access to unlimited labor and thus wage pressure never occurred anywhere as products kept rolling in no matter how many we wanted to buy and a shortage of labor never occurred as normally does in an economic boom cycle. Thus no inflation.