U.S. Workforce Analysis: January 2024 Update

Our monthly workforce analysis has been updated to include the latest employment report for January. The unemployment rate remained at 3.7% and the number of new non-farm jobs (a relatively volatile number subject to extensive revisions) came in at 353K.

The Unemployment Rate

The closely watched headline unemployment rate is a calculation of the percentage of the civilian labor force, age 16 and older, that is currently unemployed. In the latest report, this indicator remained at 3.7%. The age 16+ population decreased by 451,000 and the labor force decreased by 175,000. The breakdown of the growth is a decrease of 31,000 employed and a 144,000 decrease in the unemployed. Let's put this metric into its historical context. The first chart below illustrates this monthly data point since 1990.

Unemployment Rate since 1990