UNEMPLOYMENT UPSWING
08/12/2024 |
The labor market is meaningfully weakening. A year ago, the Y-o-Y increase in the labor force was 3 million and net employment gains were 2.9 million. 97% of job entrants found a job. Now the labor force is 1.3 million larger than it was Y-o-Y, but employment gains have been a paltry 57,000, meaning 4% of entrants have found employment. Unsurprisingly, the unemployment rate has jumped from 3.5% to 4.3%.