While national unemployment sits at a low 4.1%, the reality beneath the surface—from a staggering 17.2% joblessness among teens to a 20.3% long-term unemployed rate—reveals a job market that's booming for some and brutally challenging for others.
Key Takeaways
- In October 2024, the U.S. unemployment rate was 4.1 percent for adults aged 16 and over
- The unemployment rate for adult women in the U.S. was 4.0 percent in October 2024
- U.S. unemployment rate for adult men stood at 3.9 percent in October 2024
- The number of jobs in the U.S. healthcare and social assistance sector was 21.5 million in October 2024
- U.S. leisure and hospitality sector employment reached 16.8 million jobs in October 2024
- Government sector in U.S. had 23.2 million employed in October 2024
- Average hourly earnings for all private employees in U.S. rose by 4.0 percent over 12 months ending October 2024
- U.S. median weekly earnings for full-time workers were $1,139 in Q3 2024
- Average annual wage for software developers in U.S. was $132,270 in May 2023
- U.S. nonfarm payroll employment increased by 12,000 in October 2024
- Over the year, U.S. healthcare added 509,000 jobs through October 2024
- U.S. government employment rose by 40,000 in October 2024
- U.S. has 10.1 million occupational employment in office clerks 2023
- Registered nurses number 3.3 million in U.S. May 2023
- Software developers employed 1.5 million in U.S. May 2023
U.S. unemployment remained low overall in 2024 but varied widely by age and race.
Employment by Sector
- The number of jobs in the U.S. healthcare and social assistance sector was 21.5 million in October 2024
- U.S. leisure and hospitality sector employment reached 16.8 million jobs in October 2024
- Government sector in U.S. had 23.2 million employed in October 2024
- Professional and business services sector U.S. employment was 22.1 million in October 2024
- Manufacturing employment in U.S. totaled 12.9 million in October 2024
- Retail trade sector employed 15.2 million in U.S. October 2024
- Construction jobs in U.S. numbered 8.0 million in October 2024
- Transportation and warehousing U.S. employment was 6.6 million in October 2024
- Financial activities sector had 9.4 million jobs in U.S. October 2024
- Education services U.S. employment was 3.8 million in October 2024
- Information sector employed 3.0 million in U.S. October 2024
- Other services sector U.S. jobs totaled 5.7 million in October 2024
- Mining and logging sector had 0.6 million employed in U.S. October 2024
- Wholesale trade U.S. employment was 5.9 million in October 2024
- Utilities sector employed 0.6 million in U.S. October 2024
- U.S. self-employed workers numbered 10.1 million October 2024
- Durable goods manufacturing U.S. employment 7.9 million October 2024
- Nondurable goods manufacturing 5.0 million U.S. October 2024
- Federal government employment 2.9 million U.S. October 2024
- State government 5.5 million U.S. October 2024
- Local government 14.8 million U.S. October 2024
- Temporary help services employment 2.8 million U.S. October 2024
- U.S. accommodation and food services 15.8 million October 2024
- Nursing and residential care facilities 4.2 million U.S. October 2024
- Hospitals employed 6.9 million U.S. October 2024
- U.S. average workweek for production workers 40.1 hours October 2024
Employment by Sector Interpretation
While it’s clear the government, healthcare, and business services form the colossal pillars of the American workforce, the relentless rhythm of the 40.1-hour average workweek is the true, slightly weary engine that hums along beneath them all.
Job Growth
- U.S. nonfarm payroll employment increased by 12,000 in October 2024
- Over the year, U.S. healthcare added 509,000 jobs through October 2024
- U.S. government employment rose by 40,000 in October 2024
- Leisure and hospitality added 33,000 jobs in U.S. October 2024
- U.S. professional and business services gained 49,000 jobs October 2024
- Social assistance subsector added 26,000 jobs in U.S. October 2024
- U.S. manufacturing employment changed little (-7,000) in October 2024
- Construction added 1,000 jobs in U.S. October 2024
- Retail trade lost 14,000 jobs in U.S. October 2024
- Transportation and warehousing added 10,000 jobs U.S. October 2024
- Financial activities employment little changed in U.S. October 2024
- U.S. job openings totaled 7.4 million in September 2024
- Global job growth projected at 1.6 percent in 2024 by ILO
- U.S. employment in software development occupations projected to grow 25% from 2022-2032
- Home health aides projected 22% growth 2022-2032 U.S.
- Wind turbine service technicians fastest growing U.S. job 45% 2023-2033
- Nurse practitioners projected 38% growth 2022-2032 U.S.
- Data scientists 35% growth projected 2023-2033 U.S.
- U.S. quits rate 2.0 percent September 2024 JOLTS
- Hires rate U.S. 3.7 percent September 2024
- Layoffs and discharges rate 1.0 percent U.S. September 2024
- U.S. healthcare jobs projected to add 1.8 million 2023-2033
- Solar photovoltaic installers 22% growth 2023-2033 U.S.
- Nurse practitioners 40% growth projected U.S. 2023-2033
- Medical and health services managers 28% growth U.S. 2023-2033
- Physician assistants 27% growth 2023-2033 U.S.
- Information security analysts 32% growth U.S. 2023-2033
- Statisticians 30% growth projected U.S. 2023-2033
- Physical therapist assistants 25% growth U.S. 2023-2033
- Operations research analysts 23% growth 2023-2033 U.S.
- Occupational therapy assistants 24% growth U.S. 2023-2033
- Financial managers 16% growth projected U.S. 2023-2033
Job Growth Interpretation
The October jobs report paints a picture of an economy where everyone is either going to the doctor, building something digital, or assisting those who are, while retail tries to remember where it left its customers.
Occupational Employment
- U.S. has 10.1 million occupational employment in office clerks 2023
- Registered nurses number 3.3 million in U.S. May 2023
- Software developers employed 1.5 million in U.S. May 2023
- General managers 3.8 million in U.S. May 2023
- Customer service reps 2.9 million U.S. May 2023
- Laborers and freight 2.9 million U.S. May 2023
- Cashiers 3.3 million in U.S. May 2023
- Retail salespersons 3.8 million U.S. May 2023
- Home health aides 4.1 million U.S. May 2023
- Fast food workers 3.5 million U.S. May 2023
- Stockers and order fillers 2.8 million U.S. May 2023
- Janitors and cleaners 2.4 million U.S. May 2023
- Heavy truck drivers 2.2 million U.S. May 2023
- U.S. total nonfarm employment 158.9 million October 2024
- Secretaries and admin assistants 1.4 million U.S. May 2023
- Maintenance workers 1.5 million U.S. May 2023
- Waiters and waitresses 2.1 million U.S. May 2023
- Stock clerks 1.6 million U.S. May 2023
- Nursing assistants 1.4 million U.S. May 2023
- Cooks restaurant 8% growth but 230,000 new jobs U.S. 2023-2033
- Maids and housekeeping cleaners 5% growth 144,000 jobs U.S.
- Landscaping workers 3% growth 40,500 new jobs U.S. 2023-2033
- U.S. total employment projected 167.8 million in 2033
- Management occupations 10.9 million U.S. 2023
- Business and financial operations 10.1 million U.S. 2023
- Computer and math occupations 5.2 million U.S. 2023
- Architecture and engineering 2.6 million U.S. 2023
- Life physical social science 1.4 million U.S. 2023
- Community and social service 2.9 million U.S. 2023
- Legal occupations 1.2 million U.S. 2023
- Educational instruction librarians 9.3 million U.S. 2023
Occupational Employment Interpretation
America’s workforce is a monument to paperwork and patient care, fueled by coffee and logistics, where the number of people telling you "my pleasure" rivals those who tell you to push.
Unemployment Rates
- In October 2024, the U.S. unemployment rate was 4.1 percent for adults aged 16 and over
- The unemployment rate for adult women in the U.S. was 4.0 percent in October 2024
- U.S. unemployment rate for adult men stood at 3.9 percent in October 2024
- Teenagers (16-19 years) had a U.S. unemployment rate of 17.2 percent in October 2024
- The Black or African American unemployment rate in the U.S. was 6.1 percent in October 2024
- U.S. Asian unemployment rate was 3.7 percent in October 2024
- White U.S. unemployment rate was 3.8 percent in October 2024
- Hispanic or Latino ethnicity unemployment rate in U.S. was 5.1 percent in October 2024
- Long-term unemployment (27 weeks or more) accounted for 20.3 percent of all unemployed in U.S. October 2024
- Number of unemployed persons in U.S. was 6.9 million in October 2024
- U.S. labor force participation rate was 62.6 percent in October 2024
- Employment-population ratio in U.S. was 59.9 percent in October 2024
- Globally, the unemployment rate was projected at 4.9 percent for 2024 by ILO
- EU unemployment rate averaged 6.0 percent in 2023
- Youth unemployment rate in OECD countries was 10.5 percent in 2023
- U.S. unemployment rate in construction sector was 4.1 percent in October 2024
- Manufacturing sector U.S. unemployment rate was 3.6 percent in October 2024
- Retail trade U.S. unemployment rate was 3.8 percent in October 2024
- U.S. unemployment rate averaged 3.6 percent in 2023 overall
- U.S. unemployment rate for veterans was 3.2 percent in 2023 annual average
- Persons with disabilities U.S. unemployment 7.7 percent Q3 2024
- U.S. unemployment rate in information sector 3.2 percent October 2024
- Financial activities sector U.S. unemployment 2.4 percent October 2024
- Education and health services U.S. unemployment 3.5 percent October 2024
- Wholesale trade U.S. unemployment 2.8 percent October 2024
Unemployment Rates Interpretation
While overall unemployment appears encouragingly low at a glance, a closer look reveals a sobering patchwork where teenage job seekers are stuck in a nearly fivefold struggle, long-term unemployment lingers like a stubborn shadow, and persistent disparities remind us that the headline number is a mosaic, not a monolith.
Wage Statistics
- Average hourly earnings for all private employees in U.S. rose by 4.0 percent over 12 months ending October 2024
- U.S. median weekly earnings for full-time workers were $1,139 in Q3 2024
- Average annual wage for software developers in U.S. was $132,270 in May 2023
- Registered nurses average annual wage in U.S. was $89,010 in May 2023
- General and operations managers U.S. average wage $101,280 annually May 2023
- Accountants and auditors average $83,980 per year in U.S. May 2023
- U.S. minimum wage federal is $7.25 per hour unchanged since 2009
- Median hourly wage for U.S. construction laborers was $22.37 in May 2023
- Financial managers average annual pay $156,100 in U.S. May 2023
- Lawyers U.S. average wage $145,760 per year May 2023
- U.S. real median household income was $77,719 in 2023
- CEO pay ratio to average worker was 272-to-1 in U.S. large firms 2023
- Average hourly earnings in U.S. production/nonsupervisory employees $30.33 October 2024
- Real average hourly earnings up 1.1 percent over year October 2024 U.S.
- U.S. median annual earnings for men full-time $61,672 in 2023
- Women full-time median earnings $51,226 annually U.S. 2023
- U.S. physicians average wage $239,200 per year May 2023
- Dentists U.S. average $170,910 annually May 2023
- Pharmacists average $136,030 U.S. May 2023
- Actuaries U.S. average $120,000 per year May 2023
- Market research analysts $74,680 average U.S. May 2023
- Human resources specialists $67,650 U.S. average May 2023
Wage Statistics Interpretation
While the average American worker got a modest raise that barely outranks inflation, the real money is still found in the traditional towers of medicine, law, and finance, with the view from the CEO's office being, quite literally, in a different stratosphere.