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Unemployment and Income
Unemployment remains relatively low
as hiring has outpaced layoffs, but
unemployment has risen slightly since
falling under 4% from 2022 through the
spring of 2024. Many new entrants into
the labor market have recently
struggled to find work, and wage
growth has been modest over the past
two years. Job creation slowed during
the summer, too.
According to the most recent JOLTS
(Job Openings and Labor Turnover
Survey) report, job openings have fallen
significantly from their high point for
this cycle. JOLTS data indicate there is
less than one open employment
opportunity for each person seeking
work. That's below half of the post-
pandemic peak of two job openings for
each unemployed person.
Source: Bloomberg; Envestnet Quantitative Research Group (QRG).
5.10%
4.30%
-20%
-10%
0%
10%
20%
30%
40%
0%
2%
4%
6%
8%
10%
12%
14%
16%
9/1975 9/1980 9/1985 9/1990 9/1995 9/2000 9/2005 9/2010 9/2015 9/2020 9/2025
Unemployment Rate (Left Scale)
Wage Growth (Right Scale)
Historical Average
Unemployment Rate
6.15%
Historical Average
Wage Growth
6.17%
20251003-4872948
