Chart of the Week: Unemployment by Duration

Based on the November 2024 jobs report, the unemployment rate is above 4.2%, the household survey again showed a large drop in employment, and more households reported spells of long-term unemployment, which is typically defined as being unemployed for 27 weeks or more.

BLS: Jobs Close to Flat in October

Total nonfarm payroll inched up by just 12,000 in October, and the unemployment rate was unchanged at 4.1%, per the U.S. Bureau of Labor Statistics.

Chart of the Week: Payroll Growth and Unemployment Rate

The August employment report confirmed that the job market is cooling. With a 142,000 job increase in August and downward revisions of the June and July numbers, job growth has slowed to an average of 116,000 jobs over the past three months.