Americans Are Giving Up Looking for Jobs
Summary
The official U.S. unemployment rate is steady at 4.2%, but more Americans are quitting their job searches because they feel discouraged about finding work. Experts warn this trend may hide underlying problems in the job market since people who stop looking for jobs are not counted as unemployed.Key Facts
- The unemployment rate in the U.S. was about 4.2% in June.
- Around 1.83 million workers are "marginally attached," meaning they want a job but stopped actively searching recently.
- About 499,000 people are "discouraged workers" who gave up looking because they believe no jobs are available for them.
- These marginally attached and discouraged workers are not included in the official unemployment rate.
- The number of marginally attached workers reached the highest level since November.
- The number of discouraged workers is as high as it was in January and similar to last year’s level.
- Some older Americans are retiring early, and many parents struggle to find flexible jobs.
- Economists worry that the rise in discouraged workers signals weakening demand for labor.
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