The U.S. unemployment rate stands at 3.7% through October, nearly matching the pre-pandemic rate of 3.3% in February 2020.
With the exception of the February, 2020, we are now at the lowest unemployment rate in more than 30 years. The RDS Business Intelligence team has been tracking unemployment trends since 1990 in a series of interactive data visual dashboards that you can view HERE.
The unemployment story should continue to be positive in the near future as initial unemployment claims are at historic lows, after unprecedented increases following the COVID lockdowns two years ago:
INITIAL CLAIMS DAILY AVERAGE BY YEAR
- 2022: 28,949 (To date)
- 2021: 63,546
- 2020: 193,441
- 2019: 30,831
One other noteworthy point regarding the labor market: as of the most recent month, there are 67% more jobs than there are unemployed Americans.
What remains to be seen is if the demand for workers will drive up wages, thus having a significant impact on the inflation rate.
CLICK HERE to check out our interactive dashboard on Job Openings and Labor Turnover.
To learn more about Recovery Decision Science’s Master Servicing capabilities, contact:
Kacey Rask : Vice-President, Portfolio Servicing
Kacey.firstname.lastname@example.org / 513.489.8877, ext. 261