The consistent job growth that has occurred since January 2021 meant that more Americans were working in October 2024 than ever before. The chart below shows total employment (in thousands) since January 2019. A record high 159 million Americans were employed in October 2024, an increase of over 28 million workers since the April 2020 COVID low of 130.4 million. Nearly 7 million more Americans were working in October 2024 than the pre- pandemic high of 152.3 million in February 2020.
Total Employees (in thousands) January 2019–October 2024 (Source: U.S. Bureau of Labor Statistics)
The chart below shows the unemployment rate since the turn of the century. The unemployment rate has been at historically low levels since 2022. In October 2024, the unemployment held steady at 4.1%, increasing slightly during the year from January’s 3.7%. Despite job gains occurring every month this year, the unemployment rate increased slightly. This dichotomy is due to increased labor force participation. The unemployment rate is the percentage of unemployed people in the labor force that are willing and available to work and who have actively sought work within the past four weeks. When more people enter the workforce, it is possible for the unemployment rate to increase and still have increasing total employment.
Unemployment Rate January 2000–October 2024 (Source: U.S. Bureau of Labor Statistics)
6
Center for Business and Economic Insight
Made with FlippingBook Learn more on our blog