"Did the US unemployment rate fall below 4% in 2024?"
The U.S. unemployment rate did fall below 4% during several months in 2024, although the annual average for the year was 4.0%.
AnalysisThe U.S. unemployment rate was reported to be below 4% during certain months of 2024. For instance, the Bureau of Labor Statistics (BLS) reported that the unemployment rate ticked down to 3.8 percent in March 2024. Additionally, the unemployment rate was 3.9 percent in April and May of 2024.
However, the annual average unemployment rate for the U.S. in 2024 increased to 4.0 percent, up from the prior year. By the fourth quarter of 2024, the unemployment rate had ended the year at 4.2 percent, and in December 2024, it was 4.1 percent.
While the overall trend saw the rate rising towards and above 4% later in the year, and the annual average reached 4.0%, there were specific months in 2024 where the unemployment rate was indeed below 4 percent, such as March, April, and May.
- [1]dol.gov
- [2]ycharts.com
- [3]bls.gov
- [4]bls.gov (2)
- [5]bls.gov (3)
- [6]shadac.org