Key Points
The unemployment rate fell back to 4.1% in October.
- While headline unemployment remains low by historical standards, many workers are staying unemployed for longer periods of time.
- The U-1 rate, which covers workers unemployed for 15 or more weeks, reached 1.9% - the highest level since 2021.
- The chart below shows percentile ranks for the headline unemployment rate and U-1.
- In October, the U-1 rate ranked at the 65th percentile, meaning the U-1 rate was at least as high as 65% of historical U-1 rates.
Unemployment Measures by Percentile Rank
Despite heightened macroeconomic uncertainty, adjustments to bank lending standards for auto and credit card loans were modest over the 3rd quarter of 2026.
Net % of Domestic Banks Tightening Standards for Loans
