Unemployment Rate Soars to 3-Year High, Surpassing 6 Million Unemployed People as the Labor Market Cools

Benzinga
Benzinga
  • 2 months ago
The unemployment rate rose 4% in June 2024, with over 6 million unemployed, marking a three-year high and more people in the workforce.  Job seekers are staying unemployed longer, with the median duration of unemployment jumping to over 9 weeks in June. Pay increases for job-switchers have decreased significantly from pandemic highs and are now below 2019 levels. The cooling labor market means it is now more competitive for job seekers to find work.

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