The US unemployment rate in 2024 hits a new low of 4.1%, with strong employment data revised upward

Latest data from October 2024 shows that the US unemployment rate unexpectedly dropped to 4.1%, reaching a new low since June 2024. This change signals that the resilience of the labor market remains strong and also adds a bright spot to the economic outlook for the second half of the year.

Unemployment Rate Unexpectedly Declines, Economic Outlook Relatively Optimistic

In September, the US unemployment rate recorded an impressive 4.1%, well below market expectations, reflecting that the employment market’s recovery remains sufficient. Since June 2024, the unemployment rate has remained at a relatively low level, indicating stability in the labor market. This trend is of significant reference value for assessing the overall economic condition and also suggests that employment opportunities are relatively abundant.

Upward Revisions to Employment Data, Growth Momentum Reassessed

More notably, the official revisions to employment data for previous months have been substantial. Non-farm payrolls added 144,000 jobs in July, revised upward from the originally reported 89,000, and August’s new jobs were also revised from 142,000 to 151,000. After these revisions, the total new jobs for July and August increased by 72,000 compared to the initial figures.

These upward revisions indicate that the US employment market has performed more strongly in the medium term than initially reported. The revised figures eliminate some concerns about a slowdown in employment growth and show that official statistics, after further verification, reveal actual employment growth exceeding initial expectations. Such data revisions are crucial for accurately assessing the economic situation.

Market Outlook: Stable Employment Supports Economic Resilience

Considering the decline in the unemployment rate and upward revisions to employment data, the US labor market has exceeded market expectations. The low unemployment rate combined with upward revisions in job growth paints a relatively optimistic employment picture, providing strong support for the overall economic performance for the year.