Tuesday, July 23, 2024
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Unemployment Rate Drops to 3.6% in May


Unemployment for those 15 and older dropped from 3.8% in the month of April to 3.6% in the month of May. For those aged 25-64, unemployment fell to 3.2%. This constitutes the lowest unemployment rate in the last forty years. These numbers are somewhat misleading, as participation in the workforce dropped from 63.8% in April to 63.3% in May. Amongst those aged 25-64, workforce participation fell from 80.6% in April to 80.3%. In February, workforce participation among those aged 25-64 stood at 81% — which indicated there has been a definite drop in workforce participation over the course of the last few months.



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