US Unemployment Stats & Labor Market Data
The unemployment rate is one of the most watched macroeconomic indicators. A tight labour market supports consumer spending — but also pushes wage growth and inflation higher.
Latest Labour Market Readings
| Indicator | Value | Change |
|---|---|---|
| Unemployment rate (U-3) | 4.2 % | +0.1 pp MoM |
| Labour force participation | 62.6 % | Flat |
| Nonfarm payrolls | +151k | MoM |
| Average hourly earnings | +3.8 % | YoY |
Understanding the Labor Market
Unemployment Rate (U-3)
The U-3 unemployment rate counts people who are jobless, available to work, and have actively looked for work in the past four weeks. Levels below 4 % are historically considered full employment.
Labour Force Participation
Participation measures the share of the working-age population that is either employed or actively job-hunting. It has trended lower since the pandemic.
Wage Growth and Inflation
Strong wage growth feeds back into services inflation. Compare against our inflation rate page to see the relationship — and check the recession predictor for labour-market leading indicators such as the Sahm rule. Growth in aggregate demand is covered on the GDP page. More on the project context is on the About page.