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

Benzinga

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.

Transcript

00:00It's Benzinga, and here's what's on the block.

00:02The unemployment rate rose over 4% in June 2024 with over 6 million people unemployed,

00:08marking a three-year high and more people in the workforce. Job seekers are staying

00:13unemployed longer with the median duration of unemployment jumping to over nine weeks in June.

00:18Pay increases for job switchers have decreased significantly from pandemic highs

00:22and are now below 2019 levels. The cooling labor market means it is now more competitive for job

00:28seekers to find work. For all things money, visit Benzinga.com.

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