While the overall U.S. unemployment rate ticks up to a still-low 4.0%, a deeper look reveals a labor landscape where dramatic disparities hide behind the headline number.
Key Takeaways
- The official U.S. unemployment rate (U-3) for May 2024 was 4.0 percent, seasonally adjusted, with 6.6 million unemployed persons.
- The official U.S. unemployment rate for April 2024 was 3.9 percent, seasonally adjusted.
- The official U.S. unemployment rate for March 2024 was 3.8 percent, seasonally adjusted.
- In May 2024, the unemployment rate for adult men (20 years and over) in the U.S. was 3.8 percent, seasonally adjusted.
- In May 2024, the unemployment rate for adult women (20 years and over) in the U.S. was 3.5 percent, seasonally adjusted.
- In May 2024, the unemployment rate for teenagers (16-19 years) in the U.S. was 13.1 percent, seasonally adjusted.
- The U.S. unemployment rate peaked at 14.8 percent in April 2020 due to COVID-19.
- The U.S. unemployment rate was 3.5 percent in January 2020, pre-pandemic low.
- In 2009, during Great Recession, U.S. unemployment reached 10.0 percent.
- In May 2024, California state unemployment rate was 5.3 percent, seasonally adjusted.
- In May 2024, Nevada state unemployment rate was 5.5 percent, seasonally adjusted.
- In May 2024, New Jersey state unemployment rate was 4.8 percent, seasonally adjusted.
- In May 2024, management, professional, and related occupations had U.S. unemployment rate of 2.1 percent.
- In May 2024, natural resources, construction, and maintenance occupations unemployment was 4.2 percent.
- In May 2024, sales and office occupations unemployment rate was 4.0 percent.
Unemployment remained low but varied significantly by demographic and occupation.
Demographics
- In May 2024, the unemployment rate for adult men (20 years and over) in the U.S. was 3.8 percent, seasonally adjusted.
- In May 2024, the unemployment rate for adult women (20 years and over) in the U.S. was 3.5 percent, seasonally adjusted.
- In May 2024, the unemployment rate for teenagers (16-19 years) in the U.S. was 13.1 percent, seasonally adjusted.
- In May 2024, the unemployment rate for Whites in the U.S. was 3.5 percent, not seasonally adjusted.
- In May 2024, the unemployment rate for Blacks or African Americans in the U.S. was 6.1 percent, not seasonally adjusted.
- In May 2024, the unemployment rate for Asians in the U.S. was 3.0 percent, not seasonally adjusted.
- In May 2024, the unemployment rate for Hispanics or Latinos in the U.S. was 5.0 percent, not seasonally adjusted.
- In April 2024, the unemployment rate for adult men (20+) in the U.S. was 3.5 percent, seasonally adjusted.
- In April 2024, the unemployment rate for adult women (20+) in the U.S. was 3.4 percent, seasonally adjusted.
- In April 2024, the unemployment rate for teenagers (16-19) in the U.S. was 12.7 percent, seasonally adjusted.
- In April 2024, the unemployment rate for Whites was 3.5 percent, not seasonally adjusted.
- In April 2024, the unemployment rate for Blacks was 5.6 percent, not seasonally adjusted.
- In April 2024, the unemployment rate for Asians was 3.3 percent, not seasonally adjusted.
- In April 2024, the unemployment rate for Hispanics was 4.8 percent, not seasonally adjusted.
- In March 2024, youth unemployment rate (16-24) in the U.S. was 7.0 percent, seasonally adjusted.
- In March 2024, unemployment rate for persons with less than high school diploma was 5.5 percent.
- In March 2024, unemployment rate for high school graduates no college was 4.2 percent.
- In March 2024, unemployment rate for some college or associate degree was 3.0 percent.
- In March 2024, unemployment rate for bachelor's degree and higher was 2.0 percent.
- In February 2024, male unemployment rate (16+) was 3.7 percent, seasonally adjusted.
- In February 2024, female unemployment rate (16+) was 3.9 percent, seasonally adjusted.
- In January 2024, Black male unemployment rate was 6.0 percent.
- In December 2023, unemployment rate for veterans was 3.1 percent.
- In November 2023, unemployment rate for Gulf War era II veterans was 3.4 percent.
- In October 2023, female veteran unemployment rate was 3.8 percent.
- In September 2023, postsecondary education holders unemployment was 2.4 percent.
- In August 2023, married men unemployment rate was 2.7 percent.
- In July 2023, Black women unemployment rate was 5.6 percent.
- In June 2023, Hispanic youth unemployment was 8.5 percent.
Demographics Interpretation
While the overall job market appears robust, the persistent and significant gaps in unemployment rates between racial groups, teenagers, and educational levels reveal an economy that is working well for some but remains a stubbornly uneven playing field for many others.
Historical
- The U.S. unemployment rate peaked at 14.8 percent in April 2020 due to COVID-19.
- The U.S. unemployment rate was 3.5 percent in January 2020, pre-pandemic low.
- In 2009, during Great Recession, U.S. unemployment reached 10.0 percent.
- U.S. unemployment rate averaged 5.8 percent in the 1980s.
- In 1969, U.S. unemployment hit a post-war low of 3.1 percent.
- During 1930s Great Depression, U.S. unemployment exceeded 20 percent.
- U.S. unemployment rate was 4.9 percent in 2019 annual average.
- In 2010, post-recession U.S. unemployment was 9.6 percent.
- U.S. unemployment fell to 3.5 percent in September 2019.
- In 1990, U.S. unemployment rate averaged 5.6 percent.
- During 1975 recession, U.S. unemployment peaked at 9.0 percent.
- U.S. unemployment was 5.6 percent in 2000.
- In 1982 recession, U.S. unemployment hit 10.8 percent.
- Annual average U.S. unemployment in 2022 was 3.6 percent.
- U.S. unemployment rate was 4.7 percent in 2016.
- In 1950s, U.S. unemployment averaged 4.5 percent.
- Post-WWII in 1946, U.S. unemployment was 3.9 percent.
- U.S. unemployment reached 6.8 percent in 1982.
- In 2023 annual average, U.S. unemployment was 3.6 percent.
- During 2001 recession, U.S. unemployment peaked at 6.3 percent.
- U.S. unemployment was 8.5 percent in October 2009.
- In 1970, U.S. unemployment averaged 4.9 percent.
- Lowest monthly U.S. unemployment since 1969 was 3.4 percent in 2019.
- U.S. unemployment rate in December 1941 was 1.1 percent pre-WWII entry.
Historical Interpretation
The history of U.S. unemployment is like a rollercoaster designed by a sadistic economist, where we briefly touch the blissful 3.4% valley only to be regularly catapulted towards the terrifying 20% peak, all while forgetting the last terrifying climb.
Industry
- In May 2024, management, professional, and related occupations had U.S. unemployment rate of 2.1 percent.
- In May 2024, natural resources, construction, and maintenance occupations unemployment was 4.2 percent.
- In May 2024, sales and office occupations unemployment rate was 4.0 percent.
- In May 2024, service occupations unemployment rate was 5.1 percent.
- In May 2024, production, transportation, and material moving occupations unemployment was 4.3 percent.
- In May 2024, mining, quarrying, and oil and gas extraction industry unemployment was 3.5 percent.
- In May 2024, construction industry unemployment rate was 4.0 percent.
- In May 2024, manufacturing unemployment rate was 3.8 percent.
- In May 2024, wholesale trade unemployment was 2.7 percent.
- In May 2024, retail trade unemployment rate was 4.1 percent.
- In April 2024, transportation and warehousing unemployment was 4.8 percent.
- In April 2024, information industry unemployment rate was 3.9 percent.
- In April 2024, financial activities unemployment was 2.4 percent.
- In April 2024, professional and business services unemployment was 4.2 percent.
- In April 2024, education and health services unemployment rate was 2.8 percent.
- In March 2024, leisure and hospitality unemployment was 5.0 percent.
- In March 2024, other services unemployment rate was 4.1 percent.
- In February 2024, federal government unemployment was 1.2 percent.
- In January 2024, state government unemployment rate was 1.8 percent.
- In December 2023, local government unemployment was 2.3 percent.
- In November 2023, durable goods manufacturing unemployment was 3.2 percent.
- In October 2023, nondurable goods manufacturing unemployment rate was 4.1 percent.
- In September 2023, trade, transportation, and utilities unemployment was 3.5 percent.
- In August 2023, arts, entertainment, and recreation unemployment was 6.2 percent.
- In July 2023, accommodation and food services unemployment rate was 5.4 percent.
- In June 2023, social assistance unemployment was 3.0 percent.
- In May 2023, computer and mathematical occupations unemployment was 2.2 percent.
- In April 2023, healthcare practitioners unemployment rate was 1.8 percent.
- In March 2023, food preparation and serving unemployment was 5.5 percent.
- In February 2023, building and grounds cleaning unemployment rate was 5.2 percent.
- In January 2023, farming, fishing, forestry occupations unemployment was 6.0 percent.
Industry Interpretation
The data suggests the best way to avoid unemployment is to get promoted, get tenure, or learn to code, while the riskiest career move is apparently trying to make people happy for a living.
National Rates
- The official U.S. unemployment rate (U-3) for May 2024 was 4.0 percent, seasonally adjusted, with 6.6 million unemployed persons.
- The official U.S. unemployment rate for April 2024 was 3.9 percent, seasonally adjusted.
- The official U.S. unemployment rate for March 2024 was 3.8 percent, seasonally adjusted.
- The official U.S. unemployment rate for February 2024 was 3.9 percent, seasonally adjusted.
- The official U.S. unemployment rate for January 2024 was 3.7 percent, seasonally adjusted.
- The official U.S. unemployment rate for December 2023 was 3.7 percent, seasonally adjusted.
- The official U.S. unemployment rate for November 2023 was 3.7 percent, seasonally adjusted.
- The official U.S. unemployment rate for October 2023 was 3.9 percent, seasonally adjusted.
- The official U.S. unemployment rate for September 2023 was 3.8 percent, seasonally adjusted.
- The official U.S. unemployment rate for August 2023 was 3.8 percent, seasonally adjusted.
- The official U.S. unemployment rate for July 2023 was 3.5 percent, seasonally adjusted.
- The official U.S. unemployment rate for June 2023 was 3.6 percent, seasonally adjusted.
- The official U.S. unemployment rate for May 2023 was 3.7 percent, seasonally adjusted.
- The official U.S. unemployment rate for April 2023 was 3.4 percent, seasonally adjusted.
- The official U.S. unemployment rate for March 2023 was 3.5 percent, seasonally adjusted.
- The official U.S. unemployment rate for February 2023 was 3.6 percent, seasonally adjusted.
- The official U.S. unemployment rate for January 2023 was 3.4 percent, seasonally adjusted.
- The official U.S. unemployment rate for December 2022 was 3.5 percent, seasonally adjusted.
- The official U.S. unemployment rate for November 2022 was 3.6 percent, seasonally adjusted.
- The official U.S. unemployment rate for October 2022 was 3.7 percent, seasonally adjusted.
- The official U.S. unemployment rate for September 2022 was 3.5 percent, seasonally adjusted.
- The official U.S. unemployment rate for August 2022 was 3.7 percent, seasonally adjusted.
- The official U.S. unemployment rate for July 2022 was 3.5 percent, seasonally adjusted.
- The official U.S. unemployment rate for June 2022 was 3.6 percent, seasonally adjusted.
- The official U.S. unemployment rate for May 2022 was 3.6 percent, seasonally adjusted.
- The official U.S. unemployment rate for April 2022 was 3.6 percent, seasonally adjusted.
- The official U.S. unemployment rate for March 2022 was 3.6 percent, seasonally adjusted.
- The official U.S. unemployment rate for February 2022 was 3.8 percent, seasonally adjusted.
- The official U.S. unemployment rate for January 2022 was 4.0 percent, seasonally adjusted.
- The official U.S. unemployment rate for December 2021 was 3.9 percent, seasonally adjusted.
National Rates Interpretation
The job market seems to be practicing 'hold my beer' economics, as the unemployment rate has been stubbornly clinging to a historically low range for over two years, proving that it's much easier to stay employed than to find a parking spot in a crowded city.
Regional
- In May 2024, California state unemployment rate was 5.3 percent, seasonally adjusted.
- In May 2024, Nevada state unemployment rate was 5.5 percent, seasonally adjusted.
- In May 2024, New Jersey state unemployment rate was 4.8 percent, seasonally adjusted.
- In May 2024, Illinois state unemployment rate was 4.5 percent, seasonally adjusted.
- In May 2024, New York state unemployment rate was 4.2 percent, seasonally adjusted.
- In May 2024, South Dakota state unemployment rate was 1.9 percent, seasonally adjusted.
- In May 2024, North Dakota state unemployment rate was 2.0 percent, seasonally adjusted.
- In May 2024, Virginia state unemployment rate was 2.8 percent, seasonally adjusted.
- In May 2024, Maryland state unemployment rate was 2.7 percent, seasonally adjusted.
- In April 2024, Hawaii unemployment rate was 3.0 percent.
- In April 2024, District of Columbia unemployment was 5.7 percent.
- In March 2024, Michigan unemployment rate was 4.0 percent.
- In February 2024, Oregon unemployment rate was 4.1 percent.
- In January 2024, Pennsylvania unemployment rate was 3.5 percent.
- In December 2023, Florida unemployment rate was 2.9 percent.
- In November 2023, Texas unemployment rate was 4.1 percent.
- In October 2023, Washington unemployment rate was 4.2 percent.
- In September 2023, Massachusetts unemployment rate was 2.7 percent.
- In August 2023, Colorado unemployment rate was 3.3 percent.
- In July 2023, Minnesota unemployment rate was 2.5 percent.
- In June 2023, Utah unemployment rate was 2.8 percent.
- In May 2023, Nebraska unemployment rate was 2.3 percent.
- In April 2023, Vermont unemployment rate was 2.1 percent.
- In March 2023, Iowa unemployment rate was 2.7 percent.
- In February 2023, New Hampshire unemployment rate was 2.2 percent.
- In January 2023, Oklahoma unemployment rate was 2.9 percent.
- In December 2022, Georgia unemployment rate was 3.4 percent.
- In November 2022, Arizona unemployment rate was 3.6 percent.
- In October 2022, Ohio unemployment rate was 3.8 percent.
- In September 2022, Indiana unemployment rate was 3.1 percent.
Regional Interpretation
While the national economic picture is a complex tapestry of shifting fortunes, a quick glance at these state-level snapshots suggests that finding a job seems to be easier than finding a parking spot in some states, while in others it’s proving harder than pronouncing 'Worcester' correctly.