U.S.: Seasonally Adjusted Unemployment Rate, by month
MonthUnemployment rate,
in %
Jan 20243.7
Dec 20233.7
Nov 20233.7
Oct 20233.8
Sep 20233.8
Aug 20233.8
Jul 20233.5
Jun 20233.6
May 20233.7
Apr 20233.4
Mar 20233.5
Feb 20233.6
Jan 20233.4
Dec 20223.5
Nov 20223.6
Oct 20223.7
Sep 20223.5
Aug 20223.7
Jul 20223.5
Jun 20223.6
May 20223.6
Apr 20223.6
Mar 20223.6
Feb 20223.8
Jan 20224.0
  • Region: United States
  • Time period: Jan 2022 to Jan 2024
  • Published: Feb 2024

Data Analysis and Insights

Updated: Mar 28, 2024 | Published by: Statistico

Stability in Recent Months

Unemployment rate remained consistent at 3.7% from November 2023 to January 2024, indicating a period of economic stability.

Lowest Unemployment Rate

April 2023 and January 2023 observed the lowest unemployment rate at 3.4%, highlighting periods of strong labor market conditions.

Slight Increase in Late 2023

October 2023 to December 2023 saw a minor uptick in the unemployment rate, increasing to 3.8% from a lower rate of 3.5% in July 2023, suggesting a temporary slowdown in job growth.

Year-Over-Year Comparison

Comparing January 2022 and January 2024, the unemployment rate decreased from 4.0% to 3.7%, showcasing overall improvement in the labor market over two years.

Period of Lowest Fluctuation

From February 2022 to March 2023, the unemployment rate demonstrated minimal variation, consistently hovering around 3.5% to 3.8%, reflecting a stable employment scenario.

Slight Yearly Decline

February 2022 witnessed an unemployment rate of 3.8%, which slightly decreased by February 2023 to 3.6%, indicating a gradual reduction in unemployment over the year.

Comparison of Mid-Year Rates

June 2022 and June 2023 unemployment rates were 3.6% and 3.6% respectively, showing no change and suggesting mid-year labor market stability across years.

Highest to Lowest Fluctuation

The difference between the highest (4.0% in January 2022) and the lowest (3.4% in April 2023 and January 2023) unemployment rates over the period was 0.6 percentage points, indicating relatively low volatility in the job market.

Frequently Asked Questions

What was the trend in unemployment rate from November 2023 to January 2024?

Between November 2023 and January 2024, the unemployment rate remained stable at 3.7%.

When was the lowest unemployment rate observed?

The lowest unemployment rate of 3.4% was observed in April 2023 and January 2023.

How did the unemployment rate change from January 2022 to January 2024?

Comparing January 2022 to January 2024, the unemployment rate decreased from 4.0% to 3.7%.

Terms and Definitions

The unemployment rate is the percentage of the total labor force that is jobless and actively seeking employment. It serves as a key indicator of labor market performance and overall economic health.

The labor force comprises individuals aged 16 years and older who are either employed or are actively looking for work. It does not include people who are retired, pursuing education, or not actively seeking employment for other reasons.

The Seasonally Adjusted Unemployment Rate is an unemployment rate that has been modified to eliminate the influence of seasonal variations. These variations can be caused by weather, holidays, school schedules, and other recurring seasonal events that can impact employment. The adjustment allows for more accurate month-to-month comparisons throughout the year.

The Bureau of Labor Statistics (BLS) is a U.S. government agency that collects, processes, analyzes, and disseminates essential statistical data on labor market activity, working conditions, and price changes in the economy. The BLS is the main source for the official unemployment rate in the U.S.

Jobless claims refer to the number of people who have filed to receive unemployment insurance benefits due to job loss. This data is released weekly by the Department of Labor and is used as a gauge of the health of the job market.

Unemployment insurance is a joint state-federal program that provides cash benefits to eligible workers who are unemployed through no fault of their own, have a sufficient work history, and are actively seeking work.

An economic indicator refers to a statistic about economic activity. Economic indicators allow analysts to evaluate the overall health of the economy and predict future economic activity. They can range from unemployment rates, inflation rates, consumer spending, and GDP growth.

A recession is a significant decline in economic activity across the economy, lasting longer than a few months. It is typically identified by a fall in GDP in two consecutive quarters. During a recession, high unemployment rates are common.

The Nonfarm Payroll is a statistic issued through the Bureau of Labor Statistics to show the number of paid U.S. workers, excluding farm employees, private household employees, and nonprofit organization employees. It is a significant economic indicator that can influence the monetary policy of the Federal Reserve.
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