Label text cut off below the line

I use the label tool for callouts (notes with arrows) on my architectural drawings. The font I most often use is Arial Regular.
The unbounded text box automatically created when I use the label tool cuts off the “tails” of lower case letters g, j, p, q, y. I can reveal the tails if I extend the height of the text box each time I label but this is very tedious.

I think I’ve solved my own problem. I was using 7 point text size but it seems that with such a small size the text box can’t adjust accurately to accommodate it. If I choose 8 point (or bigger) there is no problem.