Some of the biggest gains came in professional and business services, retail trade, and construction. "Top Picks," Select "Unemployment Rate," Click "Retrieve Data." Accessed Jan. 8, 2021. The economy could improve for months, and the recession could be over before the unemployment rate drops. During the 2008 recession, unemployment peaked at 10% in October 2009. These were devastating recessions. Bureau of Labor Statistics. The seasonally-adjusted national unemployment rate is measured on a monthly basis in the United States. The The current U.S. unemployment rate is 6.7% for December 2020, the Bureau of Labor Statistics (BLS) said in its monthly report on Friday. The … State unemployment rates for August 2020 will be released in September 18th. Last modified on Thu 31 Dec 2020 09.58 EST Another 787,000 Americans filed for unemployment benefits in the week before Christmas, the last snapshot of 2020… The real unemployment rate dipped from 12.0% to 11.7% in December. Although it's not suitable for predicting trends, it's useful for confirming them. The labor force doesn't include those who haven't looked for a job in the past month. Heading into the November election, the US jobs recovery is running out of steam. Unemployment rates were lower in August 2020 in 41 states, higher in 2 states, and stable in 7 states and the District of Columbia. -2-. The rate in that county in 2019 was 6.9%. Before sharing sensitive information, The total number of unemployed is 13.55 million, 7.5 million more than August 2019. Among the unemployed, the number of people on temporary layoff fell by 1.4 million in October to 3.2 million. Oregon’s unemployment rate, which is calculated on the 12th of each month, went from an all-time low of 3.3% in February 2020 to 3.5% in March and … The number of jobs added is taken from the establishment report, more commonly called the nonfarm payroll report. U.S. unemployment rate by industry and class of worker December 2020. That was the sixth consecutive month the rate has declined, but it was still nearly twice the February rate of 3.5 percent. What Is the Current Labor Force Participation Rate? These estimates are revised each month as more data comes in. The .gov means it's official. ", The Federal Reserve estimated that the economy will return to a healthier 5.0% unemployment rate in 2021.. This survey of businesses describes how many jobs were created or lost by industry. Alternative Measures of Labor Underutilization." Source: U.S. Bureau of Labor Statistics. The rate is close to double the 3.5% rate in February, before the COVID-19 pandemic. January 2020 … In April, after governments shut down the economy, the unemployment rate reached 14.7%, the highest since the Great Depression. Since then, it gradually improved as businesses have attempted to reopen safely, but the increase in COVID-19 cases in November and December has led to renewed measures to control the virus, including closing businesses. Creighton University. In 1933, the unemployment rate reached a record of 24.8%.   It's much better than the 22.9% rate in April that was close to the Great Depression's record unemployment rate of 25.6%. "On the other hand, the pace of new hires is slowing, and more workers are moving into the ranks of the long-term unemployed. In a roller coaster year that saw Midland’s unemployment rate leap from a low 2.3 percent in February to a high 12.4 percent in May, local unemployment ended on a positive note. fred.stlouisfed.org. It also includes those who are underemployed and marginally attached.. Updated on Dec. 18, 2020 : This article has been updated with data from November 2020. Civilian unemployment rate by race and Hispanic or Latino ethnicity, January 2003–October 2020, Number of unemployed people by reasons for unemployment, January 2003–October 2020, Payroll employment rose by 638,000 in October 2020, https://www.bls.gov/opub/ted/2020/unemployment-rate-falls-to-6-point-9-percent-in-october-2020.htm, Occupational Employment and Wages in Metro and Nonmetro Areas, Using BLS Data to Match People with Disabilities with Jobs, How Women and Aging Affect Trends in Labor Force Growth. Natural Rate of Unemployment: Components and Recent Trends. Michael Boyle is an experienced financial professional with 9+ years working with Financial Planning, Derivatives, Equities, Fixed Income, Project Management, and Analytics. In December 2020, the national unemployment rate was at 6.7 percent. How the Current US Inflation Rate Affects You and the Economy, Historical Unemployment Benefit Extensions, Goss: Economy's Future Depends on COVID-19 Vaccine, More Than 17.5 Million Shots Given: COVID-19 Vaccine Tracker, FDA Takes Additional Action in Fight Against COVID-19 By Issuing Emergency Use Authorization for Second COVID-19 Vaccine, Table 1. The current U.S. unemployment rate had fallen to 8.4% in August after reaching a peak of 14.7% in April 2020. It tells you what has already happened. Household Survey Data. Oct 1, 2020. In percentage terms, employment decreased the most in Hawaii and New York over the year, decreasing by 16.1% and 13.7%, respectively. To put the December report into perspective, check the unemployment rates since 1929. U.S. unemployment rate for 2018 was 3.90%, a 0.46% decline from 2017. Unemployment rates in October fell to 6.0 percent for Whites, 10.8 percent for Blacks, 7.6 percent for Asians, and 8.8 percent for Hispanics. They are not counted in the unemployment rate because they haven't looked for a job in the past four weeks. The unemployment rate fell to 7.9% in September, but job growth continued to stall 661,000 jobs were added in September, less than half the amount gained in August. Accessed Jan. 8, 2021. The unemployment rate and figures from the jobs report don't always tell the same story because they are taken from two different surveys. Rate. A smaller number, 2.9 million, were laid off in the last 5 weeks. This shows that the largest segment of the unemployed lost their jobs in March during the national shutdown. Jobless New Grads: What to Do When Student Loans Come Due, Number of the Day Shows Jarring Kind of COVID-19 Death, No Holiday Miracle, as Retail Sales Fall Again, A Second Round of Small Business Relief Is on the Way. Bureau of Labor Statistics, U.S. Department of Labor, The Economics Daily, Unemployment rate falls to 6.9 percent in October 2020 at https://www.bls.gov/opub/ted/2020/unemployment-rate-falls-to-6-point-9-percent-in-october-2020.htm (visited January 24, 2021). Bureau of Labor Statistics. What the Government Does to Control Unemployment? City employees hand out unemployment applications on April 8, 2020, in Hialeah, Florida. But we've quickly surpassed that number. Accessed Jan. 8, 2021. Kings County’s unemployment rate last year was 11.7%, also the highest since 2014. Some would like a job, but others dropped out of the labor force for different reasons. It is unchanged from November and significantly higher than December 2019 due to the COVID-19 pandemic. In April, 23 million workers were let go from their jobs in response to the coronavirus pandemic. What Are Discouraged Workers and How Do They Affect the Labor Force? The 2020 unemployment rate for Madera County was 10.8%, which was also the highest since 2014. She writes about the U.S. Economy for The Balance. U.S. unemployment rate for 2019 was 3.68%, a 0.21% decline from 2018. Kimberly Amadeo has 20 years of experience in economic analysis and business strategy. "More Than 17.5 Million Shots Given: COVID-19 Vaccine Tracker." Federal government websites often end in .gov … U.S. Unemployment Rate 1991-2021. The unemployment rate decreased by 1.0 percentage point to 6.9 percent in October 2020. These data are from the Current Population Survey and are seasonally adjusted. Employers only lay off workers after business has already slowed. “Table 1. Value. The BLS household survey showed that the US unemployment rate fell 0.0 percentage points in December 2020 to 6.7%.The unemployment rate peaked in April 2020 at 14.8% and is now 8.1 percentage points lower. Unemployment is one of the most critical economic issues facing the country as it balances re-opening with safety months into the pandemic. The national unemployment rate fell by 0.5 percentage point over the month to 7.9 percent but was 4.4 points higher than in September 2019. What's the Real Unemployment Rate and Why Does It Matter? The unemployment rate is 6.7%, which is unchanged from November. By Month. collection started in 1948, in April 2020 (14.8%) before declining to a still-. (Joe Raedle/Getty Images) The COVID-19 outbreak and the economic downturn it engendered swelled the ranks of unemployed Americans by more than 14 million, from 6.2 million in … Those discrepancies are expected. The real unemployment rate (U-6) is a broader definition of unemployment than the official unemployment rate (U-3). Keep in mind that the unemployment rate is a lagging indicator. The number of permanent job losers, at 3.7 million, changed little in October but is 2.4 million higher than in February. The broader U-6, or underemployment rate -- which includes those who haven’t searched for a job recently or want full-time employment -- fell only slightly to 21.2% in May from 22.8%. information you provide is encrypted and transmitted securely. https:// ensures that you are connecting to the official website and that any In 2020, the unemployment rate among the United States population ranged at … The unemployment rate is taken from the household survey of individuals. Florida's unemployment rate was 6.4% in November, remaining unchanged from the month before, according to state figures. Accessed Jan. 8, 2021. Accessed Jan. 8, 2021. Economic Projections of Federal Reserve Board Members and Federal Reserve Bank Presidents, Under Their Individual Assumptions of Projected Appropriate Monetary Policy, December 2020, Table A-15. In November 1982, unemployment rose to 10.8%. Bloomberg. Jobs. There Are 9 Types of Unemployment: Which Is the Worst? OPELIKA, Ala. (WRBL) – More than a year after the COVID-19 pandemic swept across the United States, the number of Alabama residents filing for unemployment … "Labor Force, Employment, and Unemployment, 1929-39: Estimating Methods," Page 51, Table 1. Difference Between the Unemployment and Jobs Reports. The unemployment rate fell by 1 percentage point to 6.9% -- a bigger drop than economists projected and double the prior month’s decline -- … Unemployment Rate - Hispanic or Latino. "Table A-15. The real unemployment rate contains 663,000 discouraged workers, up from 657,000 in November. Discouraged workers are people who have given up looking for work but would take a job if offered. The site is secure. At the highest of levels of unemployment following the 2008 financial crisis, there were 15.3 million jobless Americans. elevated level in December (6.7%). Jan 1, 2020. Economists warn that the economy needs a widely distributed vaccine before unemployment returns to normal levels. Two vaccines have been approved for emergency use authorization from the Food and Drug Administration (FDA), but distribution has been slow., "The economy is finding new ways to do business, and is hiring back workers on furlough because of COVID-19 more quickly than expected," said Robert Frick, corporate economist at Navy Federal Credit Union, in an email interview. Bureau of Labor Statistics News Release; State Rates 2009-2017 When a recession is over, companies resist hiring new workers until they are sure the economy will stay strong. Nonfarm payroll employment over-the-month change, seasonally adjusted, December 2018 – December 2020. By Year. Bureau of Labor Statistics. Accessed Jan. 8, 2021. The total number of unemployed is 10.7 million, which is the same as November. Kings County saw an unemployment rate of 7.9% in 2019. The unemployment rate hasn't lagged as much as usual during the pandemic because it all happened so suddenly. It describes who is employed and who isn't based on their responses. U.S. Bureau of Labor Statistics. Since these reports are taken from completely different sources, the number of unemployed doesn't match up to the number of jobs lost. Unemployment remained above 14% for nine years, between 1931 and 1940. April's unemployment rate reached that level in just a month. 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0. Overall, the number of unemployed is at 10.7 million, which is 4.9 million higher than in February. The ongoing job losses show the tremendous impact of the COVID-19 pandemic on the employment situation. This report shows the following: The unemployment rate peaked at an unprecedented level, not seen since data. This statistic shows the unemployment rate in the United States from 1999 to 2020. Federal government websites often end in .gov or .mil. High unemployment levels lasted for years. US Unemployment. The national unemployment rate fell by 1.8 percentage points over the month to 8.4 percent but was 4.7 points higher than in August 2019.