THE EMPLOYMENT SITUATION The Employment Situation
The seasonally adjusted unemployment rate was at 4.1% in October 2024, and the number of unemployed people was 7.0 million—up from 3.8% and 6.4 million a year earlier.
Household Survey Data
Among the major worker groups, the seasonally adjusted unemployment rates from October 2023 to October 2024 increased slightly. For adult men, unemployment increased from 3.7% to 3.9%; among adult women, it rose from 3.2% to 3.6%; and for teenagers, it rose from 13.1% to 13.8%. Categorized by racial and ethnic groups, unemployment went from 3.5% to 3.8% among Whites; fell from 5.8% to 5.7% among Blacks; rose from 3.1% to 3.9% among Asians; and went from 4.8% to 5.1% among Hispanics.
Among the unemployed, the number of permanent job losers increased from 1.6 million to 1.8 million. The number of people on temporary layoff dropped to 846,000 from 904,000 a year earlier.
In the 12 months ending October 2023, the number of long-term unemployed (those jobless for 27 weeks or more) rose from 1.3 million to 1.6 million. In October, the long-term unemployed accounted for 22.9% of all unemployed people.
Both the labor force participation rate, at 62.6%, and the employment-population ratio, at 60.0%, showed little change over the year. The number of people employed part time for economic reasons was 4.6 million, up from 4.3 million a year earlier. These individuals were working part time because their hours had been reduced or they were unable to find full-time jobs.
The number of people not in the labor force who currently want a job, at 5.7 million, was up from 5.4 million in October 2023 but similar to October 2022 numbers. These individuals were not counted as unemployed because they were not actively looking for work during the 4 weeks preceding the survey or were unavailable to take a job.
Establishment Survey Data
The U.S. Bureau of Labor Statistics surveys employers for its monthly establishment survey, which measures nonfarm employment, hours, and earnings by industry.
Payroll employment was 159 million in October 2023, up from 157 million in October 2022. In the 12 months ending October 2024, seasonally adjusted employment: • At food and beverage retailers rose by 0.75% to 3,268,600.
• At warehouse clubs, supercenters, and other general merchandise retailers was 2,315,600, a jump of 1.9%. • In food manufacturing increased by 1.2% to 1,749,500. • In food service grew by 1.0% to 12,408,600. • In truck transportation had little change at 1,546,200. • In warehousing and storage nudged down 0.6% to 1,764,100.
In October 2024, average hourly earnings for all employees on private nonfarm payrolls was $35.46, a 4.0% increase over the prior 12 months. Average hourly earnings of private-sector production and nonsupervisory employees were $30.48, up from $29.19 12 months earlier.
The average workweek for all employees on private nonfarm payrolls remained at 34.3 hours, the same as in October 2023. In manufacturing, the average workweek was little changed at 39.9 hours. The average workweek for production and nonsupervisory employees on private nonfarm payrolls was steady at 33.7 hours.
WHAT’S IN STORE | 2025
© 2025 International Dairy Deli Bakery Association
The Employment Situation
25
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