US Unemployment Rate Edges Down
The unemployment rate in the United States eased to 4.2% in August of 2024 from the October 2021 high of 4.3% in the prior month, aligning with market expectations. The number of unemployed individuals was broadly unchanged from the previous month at 7.1 million.
Among the unemployed, permanent job losers were loosely unchanged at 1.7 million, while individuals at a temporary layoff status dropped by 190 thousand to 872 thousand. Additionally, the number of long-term unemployed individuals seeking employment for over 27 weeks was steady at 1.5 million, making up for 21.3% of the unemployed population.
Meanwhile, the labor force participation rate remained unchanged from the prior month at 62.7%.
Source: Economics Trading