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

  • 3 months ago
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.

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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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