Key Points:
A key indicator of labor market health – the number of job openings per unemployed worker – fell steadily over the first half of 2024 as unemployment rates rose.
- This ratio has stabilized in recent months at a level somewhat below the 2019 average.
Job Openings and Unemployment
The headline unemployment rate rose from 3.7% in January to 4.2% in July before rate falling slightly to close out 2024 at 4.1%.
- While the increase in unemployment was widely reported on, unemployment rates today remain lower than those projected by the Congressional Budget Office (CBO) in their pre-pandemic forecast.
Unemployment Rates
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