Number of Americans Wanting Jobs Hits 6.2 Million, Third Highest Since July 2021
The number of Americans not in the labor force but wanting a job rose by 76,000 in May to 6.2 million, the third-highest since July 2021. This marks the fourth consecutive monthly increase and a total surge of 1.2 million since March 2023, now above 2008 Financial Crisis levels.
US labor market data for May revealed a 76,000 increase in Americans not in the labor force who currently want a job, bringing the total to 6.2 million. This is the third-highest reading since July 2021.
The figure has risen for four consecutive months, totaling a gain of 349,000. Since March 2023, the number has surged by 1.2 million people and now exceeds levels seen during the 2008 Financial Crisis.
As a percentage of total employment, this metric stands at 3.8%, the second-highest since October 2021. For comparison, peaks during the 2001 recession and 2008 crisis were 3.6% and 4.3%, respectively. The data indicates underlying deterioration in labor market conditions.
Source: The Kobeissi Letter