The unemployment rate and the number of people unemployed came in higher last month compared with October of last year, according to the latest data released by the U.S. Bureau of Labor Statistics (BLS).
In October 2023, the unemployment rate was 3.8% compared to this year’s 4.1%. The number of individuals collecting was 6.4 million in 2023 compared to about 7 million during October 2024.
Nonfarm payroll employment increased in 21 states in October compared to the previous month, while it decreased in 29 states and the District of Columbia.
Unemployment rates went up in 24 states and the District of Columbia, the largest of which was South Carolina, up 1.7%. Six states had year-over-the-year rate decreases, the largest being Connecticut, down 1.2%.
Nevada clocked the highest unemployment rate at 5.7%, while South Dakota recorded the lowest unemployment at 1.9%. New Jersey’s unemployment rate has remained a constant 4.7% since September, the Commerce Department said. This is higher than the national unemployment rate of 4.1%, but a slight improvement from New Jersey’s October 2023’s rate of 4.8%.
Month-over-month, Colorado added the most jobs at 9,000, followed by Louisiana (+7,700), and Ohio (+6,400). A total of 144,500 jobs were lost across 29 states and the District of Columbia, with Florida reporting the most at 38,000. Washington lost 35,900 jobs, followed by New York with 10,900.
Across the U.S., only 12,000 new jobs were added in October, the lowest since 2020 and far less than analysts’ forecast of 100,000. Hurricanes Helene and Milton were partially to blame for the low numbers, as well as strikes by dockworkers and Boeing, the BLS said.
In October, 26.5% of jobseekers ages 55+ were long-term unemployed, compared to 23.1% ages 16 to 54. The total labor force participation rate was down slightly from 62.7% to 62.6% For those ages 55+, it was unchanged at 38.6%.
Year-over-year ending last month, the U.S. labor market added 2.2 million jobs across all 50 states and the District of Columbia, a 1.4% increase compared to October 2023. Wyoming added 2,800 jobs, while Texas added 274,600.