Table 3 National Employment Indicators (First Quarter) 2024 First Quarter
2025 First Quarter
Unemployment Rate
3.8
4.2
Labor Force Participation Rate Employment-Population Ratio
62.7 60.3
62.5 59.9
Description: • Unemployment Rate: The number of unemployed as a percentage of the labor force. • Labor Force Participation Rate: The percentage of the population that is either working or actively looking for work. • Employment-Population Ratio: The share of the total population that are employed. Analysis: • The unemployment rate of 4.2% is consistent with recent months with the rate bouncing between 3.9 and 4.2% over the last year. • The labor force participation rate remains relatively steady over the last year but is still below the pre-pandemic rate of 63.3% in January 2020. The LFPR for prime-age workers between 25 and 54 years of age is higher than its pre- pandemic market. The bulk of the decline of overall LFPR is due to aging population and increased retirements as reflected in decline in LFPR for 55 and over population. • The employment-ratio continues to hover around the 60% mark, still below pre-Covid rates of 61.1%.
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Center for Business and Economic Insight
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