Unemployment Rate (US)
Event Date: Friday, May 5, 2023
Event Time: 12:30 CET
Updated Friday, May 5, 2023
The US unemployment rate was declining steadily during the last few years until March 2020. That month, the unemployment claims jumped and the unemployment rate increased to 4.4%, but surged to 14.7% in April, as the lock-down became more severe. For May, unemployment was expected to increase further to 19.5% but cooled off to 13.3% and it did so again to 11.1% in June. The decline has continued and in September it came down to 7.9%, while in October the unemployment rate fell to 6.9%. It ticked lower in November to 6.8%, while in January this year it posted a big decline to 6.3%. In March 2020 unemployment started surging due to the lock-downs, increasing to around 13.7%. It started cooing off last summer but in April it is expected to tick higher to 3.6%. Please follow us for live coverage of the US unemployment report by experienced analysts.
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About Unemployment Rate (US)
The U.S. Unemployment Rate is calculated and released by the U.S. Department of Labor. It is a statistic that measures the ongoing levels of unemployed individuals in the domestic workforce. Unemployment rates are derived by dividing the number of unemployed workers by the entire non-military labor pool. It is intended to measure the percentage of people willing to work and actively seeking jobs.As a general rule, high unemployment rates are found in recessionary economic cycles while low rates are common in periods of growth. Monetary policy decisions take into account the Unemployment Rate as a leading metric of economic performance. Low unemployment leads to inflation and a tightening of monetary policy, while higher rates are seen as a precursor to prolonged deflation.Traders look upon the release of U.S. Unemployment as an important metric facing the U.S. economy. Abnormal levels are viewed as being likely catalysts for policy change, with U.S. indices and USD being highly sensitive to its release.