Unemployment rate increases in the first half of 2024, before leveling off, while the labor force participation rate holds fairly steady

In 2024, the U.S. unemployment rate ended the year at 4.2 percent in the fourth quarter, up from 3.8 percent a year earlier. The employment–population ratio edged down to 59.9 percent, while the labor force participation rate, at 62.5 percent, was little changed over the year. The telework rate, at 23.4 percent, continued to trend up in 2024. In the fourth quarter of 2024, the U.S. unemployment rate averaged 4.2 percent, higher than the rate of 3.8 percent in the fourth quarter of 2023.1 The number of unemployed people rose to 7.0 million from 6.4 million at the end of 2023.2 Total employment, as measured by the Current Population Survey (CPS), increased in 2024 (after taking into account the latest information on population totals from the U.S.