Key Takeaways from the Latest Jobs Report (Macro News for March 16, 2024 – March 22, 2024)

U.S. unemployment increased to 3.9% in February 2024 according to the most recent labor market data. The increase was unexpected given that the consensus forecast was for the economy to add 200,000 new jobs in February and instead it added 275,000 new jobs. Economists anticipated that the unemployment rate would remain unchanged at 3.7% but instead it ticked slightly higher by 0.2%.

2022 Had the Lowest Total Unemployment Rate Ever (Macro News for December 16, 2023 – December 22, 2023)

The Covid-19 recovery ushered in the lowest U.S. unemployment rate on record according to an annual report issued by the Bureau of Labor Statistics (BLS). The "Work Experience of the Population" report shows that the "work-experience unemployment rate" was 7.6% in 2022. This report provides annual unemployment instead of the monthly unemployment rate released by the BLS throughout the year.

U.S. Economy Added 336,000 Jobs Last Month, Almost Twice What Was Expected (Macro News for October 14, 2023 – October 20, 2023)

September 2023 was a banner month for job creation. The U.S. economy added 336,000 new jobs, which is almost double the consensus estimate from economists for 170,000 new jobs. This is the 33rd consecutive month of job growth and the news almost certainly means the Federal Reserve will continue hiking interest rates to slow growth. Previous month's employment numbers have also been revised higher indicating the summer months were good for job seekers. The unemployment rate remained unchanged at 3.8%.

July Jobs Report: U.S. Payroll Growth Totaled 187,000, Lower Than Expected (Macro News for August 12, 2023 – August 18, 2023)

July 2023 Labor Department job growth numbers indicate the economy is slowing down. The economy created 187,000 nonfarm jobs in July, which is only 2,000 more than the previous month. However, the unemployment rate fell slightly to 3.5% and approached its lowest rate in over 50 years. When discouraged workers and part-time workers were added in as unemployed, that unemployment rate fell slightly to 6.7%.