As global unemployment figures paint a dramatically varied picture, with youth facing hurdles over three times higher than the national average, the underlying story of the modern workforce is one of stark contrasts and persistent gaps.
Key Takeaways
- In the United States, the unemployment rate was 4.0% in June 2024, with 6.8 million people unemployed.
- The U.S. youth unemployment rate (ages 16-24) stood at 12.9% in June 2024.
- In the Euro Area, the unemployment rate was 6.4% in May 2024.
- In the US, 159.7 million people were employed in June 2024.
- The goods-producing sector in the US added 17,000 jobs in June 2024.
- US service-providing sector employment increased by 206,000 in June 2024.
- In the US, average hourly earnings for all employees on private nonfarm payrolls were $35.00 in June 2024.
- Over-the-year increase in average hourly earnings was 3.9% for private nonfarm payrolls in the US in June 2024.
- Average hourly earnings in goods-producing industries rose 0.4% in June 2024 in the US.
- In the US, the labor force participation rate was 62.6% in June 2024.
- US prime-age (25-54) labor force participation rate was 83.5% in June 2024.
- Employment-population ratio in the US was 60.1% in June 2024.
- In the US, 47% of employed persons aged 25-54 were women in June 2024.
- US employment-population ratio for Black persons was 58.9% in June 2024.
- Hispanic employment-population ratio 61.8% in US June 2024.
The post compares global unemployment rates alongside U.S. job gains and earnings.
Demographic Employment Trends
- In the US, 47% of employed persons aged 25-54 were women in June 2024.
- US employment-population ratio for Black persons was 58.9% in June 2024.
- Hispanic employment-population ratio 61.8% in US June 2024.
- Asian employment-population 61.5% in US June 2024.
- White employment-population 60.2% in US June 2024.
- In US, self-employment rate was 10.1% in 2023.
- Multiple jobholders numbered 8.3 million in US June 2024 (5.1% of employed).
- Persons working full time 134.0 million in US June 2024.
- Part time workers 25.7 million in US June 2024.
- Average hours worked per week 34.7 for private nonfarm in US June 2024.
- Women represented 47.4% of the US labor force in 2023.
- Men accounted for 53.0% of US employed in 2023.
- Baby boomers (55-74) held 37% of management positions in US 2023.
- Gen Z (under 25) employment grew 8.2% in 2023 US.
- Immigrants comprised 18.6% of US labor force in 2023.
- In US, college-educated adults over 25 had 78.5% employment rate in 2023.
- High school graduates employment rate 74.2% for ages 25+ in US 2023.
- Rural areas had 54.8% employment-population ratio vs 60.5% urban in US 2023.
- In OECD, women’s employment rate was 62.1% in 2023.
- Men’s employment rate averaged 74.5% in OECD 2023.
- Youth employment rate (15-24) 43.8% OECD average 2023.
- Older workers (55-64) employment 64.2% OECD 2023.
- Prime-age women employment 74.9% OECD 2023.
- Disability employment gap 20.5 percentage points OECD 2023.
- In Euro Area, employment rate for ages 20-64 was 75.4% in 2023.
- Low-skilled employment rate 58.7% Euro Area 2023.
Demographic Employment Trends Interpretation
While women nearly hold up half the economic sky at 47.4% of the US labor force, stubborn gaps persist across race, disability, and zip code, revealing an employment landscape that’s simultaneously approaching equity and yet riddled with uneven footing.
Employment by Industry
- In the US, 159.7 million people were employed in June 2024.
- The goods-producing sector in the US added 17,000 jobs in June 2024.
- US service-providing sector employment increased by 206,000 in June 2024.
- Government employment in the US rose by 73,000 in June 2024.
- Health care employment in the US added 39,000 jobs in June 2024.
- Social assistance employment grew by 25,000 in the US in June 2024.
- Construction employment increased by 21,000 in the US in June 2024.
- Leisure and hospitality added 43,000 jobs in the US in June 2024.
- Federal government employment declined by 7,000 in the US in June 2024.
- State government employment rose by 2,000 in the US in June 2024.
- Local government employment increased by 77,000 in the US in June 2024.
- Manufacturing employment was little changed in the US in June 2024.
- Retail trade employment declined by 14,000 in the US in June 2024.
- Transportation and warehousing added 13,000 jobs in the US in June 2024.
- Financial activities employment was unchanged in the US in June 2024.
- Professional and business services added 44,000 jobs in the US in June 2024.
- Education services employment rose by 8,000 in the US in June 2024.
- Other services added 19,000 jobs in the US in June 2024.
- Mining and logging employment declined by 1,000 in the US in June 2024.
- In the US, health care industry employed 16.9 million in June 2024.
- Professional and business services sector had 22.9 million employed in the US in June 2024.
- Leisure and hospitality employed 16.5 million in the US in June 2024.
- Retail trade had 15.1 million employees in the US in June 2024.
- In the Euro Area, services sector accounted for 73.2% of employment in 2023.
- Industry sector employment in Euro Area was 20.8% in 2023.
- Agriculture employment in Euro Area was 4.2% in 2023.
Employment by Industry Interpretation
The US job market in June 2024 was a classic service-sector victory lap, where caring for people, entertaining them, and governing them handily outpaced making and moving things, proving once again that while we may love our stuff, we’re increasingly paid to look after each other.
Labor Force Participation
- In the US, the labor force participation rate was 62.6% in June 2024.
- US prime-age (25-54) labor force participation rate was 83.5% in June 2024.
- Employment-population ratio in the US was 60.1% in June 2024.
- US civilian noninstitutional population aged 16+ was 268.9 million in June 2024.
- Civilian labor force in US was 168.0 million in June 2024.
- Persons not in labor force numbered 99.2 million in US June 2024.
- US adult men labor force participation was 75.3% in June 2024.
- Adult women participation rate 57.0% in US June 2024.
- Teenagers (16-19) participation 52.6% in US June 2024.
- Black labor force participation 62.8% in US June 2024.
- Hispanic participation 66.9% in US June 2024.
- Asian participation 64.3% in US June 2024.
- White participation 62.3% in US June 2024.
- Euro Area labor force participation rate was 74.9% for ages 15-74 in 2023.
- In Japan, labor force participation for ages 15+ was 62.5% in 2023.
- Canada's labor force participation rate was 65.3% in June 2024.
- UK participation rate was 74.5% for ages 16-64 in April 2024.
- Australia's participation rate was 66.9% in June 2024.
- South Korea participation 64.2% in June 2024.
- In US, 6.3 million marginally attached workers in June 2024.
- Discouraged workers numbered 1.3 million in US June 2024.
- Persons employed part time for economic reasons 4.2 million in US June 2024.
- OECD average labor force participation rate 71.2% in 2023.
- In US, 25-34 year olds participation 83.8% in June 2024.
- 55-64 year olds participation 65.4% in US June 2024.
- In US, women aged 25-54 participation 77.4% in June 2024.
- Men aged 25-54 participation 89.5% in US June 2024.
Labor Force Participation Interpretation
The US economy, with its impressive prime-age participation, is like a star athlete who also has millions of friends sitting on the bench, including a particularly large crowd of women and older workers not getting the playtime of their international peers.
Unemployment Statistics
- In the United States, the unemployment rate was 4.0% in June 2024, with 6.8 million people unemployed.
- The U.S. youth unemployment rate (ages 16-24) stood at 12.9% in June 2024.
- In the Euro Area, the unemployment rate was 6.4% in May 2024.
- Germany's unemployment rate was 3.3% in June 2024.
- Japan's unemployment rate was 2.5% in June 2024.
- In Canada, the unemployment rate reached 6.4% in June 2024.
- The UK unemployment rate was 4.4% for February to April 2024.
- Australia's unemployment rate was 4.1% in June 2024.
- In South Korea, the unemployment rate was 2.7% in June 2024.
- Brazil's unemployment rate was 7.4% in the quarter ending May 2024.
- India's urban unemployment rate was 6.5% in April-June 2024.
- In France, the unemployment rate was 7.4% in Q1 2024.
- Italy's unemployment rate was 6.8% in May 2024.
- Spain's unemployment rate was 11.3% in Q1 2024.
- China's urban unemployment rate was 5.0% in June 2024.
- In the US, long-term unemployment (27 weeks or more) affected 1.5 million people in June 2024.
- The U.S. Black unemployment rate was 6.8% in June 2024.
- Hispanic or Latino unemployment rate in the US was 5.0% in June 2024.
- U.S. Asian unemployment rate was 3.6% in June 2024.
- White unemployment rate in the US was 3.8% in June 2024.
- In the US, the number of unemployed persons who were job losers was 3.6 million in June 2024.
- New entrants to the labor force accounted for 0.8 million unemployed in the US in June 2024.
- Reentrants to the labor force were 1.8 million unemployed in the US in June 2024.
- Euro Area youth unemployment rate was 14.6% in May 2024.
- In the US, the underemployment rate (U-6) was 7.4% in June 2024.
- Mexico's unemployment rate was 2.6% in May 2024.
- Sweden's unemployment rate was 8.5% in May 2024.
- Netherlands unemployment rate was 3.6% in May 2024.
- Poland's unemployment rate was 5.3% in June 2024.
Unemployment Statistics Interpretation
While America celebrates a headline unemployment rate of 4.0%, the reality is a patchwork quilt of prosperity and struggle, where the average masks a youth unemployment crisis at 12.9%, stubborn racial disparities, and 7.4% underemployment, suggesting that for many, the land of opportunity is still stuck in a "help wanted" ad.
Wages and Compensation
- In the US, average hourly earnings for all employees on private nonfarm payrolls were $35.00 in June 2024.
- Over-the-year increase in average hourly earnings was 3.9% for private nonfarm payrolls in the US in June 2024.
- Average hourly earnings in goods-producing industries rose 0.4% in June 2024 in the US.
- Service-providing average hourly earnings increased 0.3% in June 2024 in the US.
- Average weekly earnings for private nonfarm employees were $1,138.88 in June 2024 in the US.
- In the US, median weekly earnings for full-time wage and salary workers were $1,139 in Q1 2024.
- US workers with bachelor's degree earned median $1,493 weekly in Q1 2024.
- High school graduates without college earned $853 median weekly in Q1 2024 US.
- Men’s median weekly earnings were $1,233 in Q1 2024 US.
- Women’s median weekly earnings were $1,027 in Q1 2024 US.
- Black workers median weekly earnings $947 in Q1 2024 US.
- Hispanic workers median $922 weekly in Q1 2024 US.
- White workers median $1,164 weekly in Q1 2024 US.
- Asian workers median $1,505 weekly in Q1 2024 US.
- Management occupations median weekly earnings $2,165 in Q1 2024 US.
- Legal occupations median $2,427 weekly in Q1 2024 US.
- Computer and mathematical median $1,953 weekly Q1 2024 US.
- In construction, average hourly earnings $36.07 in June 2024 US.
- Manufacturing average hourly $29.72 in June 2024 US.
- Retail trade average hourly $20.76 in June 2024 US.
- Euro Area average gross hourly earnings index increased 4.2% in Q1 2024.
- OECD average annual wages were $49,835 in 2022 PPP terms.
- US labor share of GDP was 59.7% in 2023.
Wages and Compensation Interpretation
While American workers pocket a steady $35 an hour on average, the real story is in the glaring paycheck gaps where a lawyer can earn in a week what a retail cashier takes two months to make, proving that the land of opportunity still hands out very different maps depending on who you are.
Sources & References
- Reference 1BLSbls.govVisit source
- Reference 2ECec.europa.euVisit source
- Reference 3DESTATISdestatis.deVisit source
- Reference 4STATstat.go.jpVisit source
- Reference 5STATCANwww150.statcan.gc.caVisit source
- Reference 6ONSons.gov.ukVisit source
- Reference 7ABSabs.gov.auVisit source
- Reference 8KOSTATkostat.go.krVisit source
- Reference 9IBGEibge.gov.brVisit source
- Reference 10PIBpib.gov.inVisit source
- Reference 11INSEEinsee.frVisit source
- Reference 12ISTATistat.itVisit source
- Reference 13INEine.esVisit source
- Reference 14STATSstats.gov.cnVisit source
- Reference 15INEGIinegi.org.mxVisit source
- Reference 16SCBscb.seVisit source
- Reference 17CBScbs.nlVisit source
- Reference 18STATstat.gov.plVisit source
- Reference 19STATSstats.oecd.orgVisit source
- Reference 20FREDfred.stlouisfed.orgVisit source
- Reference 21NCESnces.ed.govVisit source
- Reference 22ERSers.usda.govVisit source
- Reference 23OECDoecd.orgVisit source