October 2024 Employment Data Digest

October 2024 Employment Data Digest

• The U.S. economy added 12,000 jobs in October, a notable decrease from the 223,000 jobs added in September. Payroll estimates were likely affected by Hurricanes Helene and Milton.
• The overall unemployment rate was unchanged at 4.1 percent. The 55+ unemployment rate increased slightly from 2.8 percent to 2.9 percent. For men ages 55+, it increased from 2.9 percent to 3.2 percent. The unemployment rate for women ages 55+ was unchanged at 2.6 percent.
• In October, 26.5 percent of jobseekers ages 55+ were long-term unemployed, compared to 23.1 percent of jobseekers ages 16 to 54. 
• The total labor force participation rate was down slightly from 62.7 percent to 62.6 percent. For those ages 55+, it was unchanged at 38.6 percent. The (unadjusted) rate for those ages 65+ increased from 20 percent to 20.2 percent.

U.S. WORKFORCE:

• 12,000 jobs added in September ↓
• Unemployment rate: 4.1 percent ↔
• Number of unemployed persons: 7 million ↑
• Labor force participation rate: 62.6 percent ↓
• Long-term unemployed ages 16–54: 23.1 percent ↑

55 AND OLDER U.S. WORKFORCE:

• 38 million 55+ workers employed in October ↔
• 55+ unemployment rate: 2.9 percent ↑
• Number of 55+ unemployed persons: 1.2 million ↑
• 55+ labor force participation rate: 38.6 percent ↔
• 55+ long-term unemployed: 26.5 percent ↓

Source: Bureau of Labor Statistics. Arrows denote a directional change from the prior month.

About the PPI Monthly Employment Data Digest

The AARP Public Policy Institute’s (PPI) latest monthly digest of employment data from the Bureau of Labor Statistics (BLS) examines the findings from the Employment Situation Report. It takes a closer look at employment data for people ages 55 and over, including labor force participation, employment rates, and duration of unemployment. 

For more analysis from PPI expert Jennifer Schramm on employment trends and older workers, see our blog.