The unemployment rate rose 4% in June 2024, with over 6 million unemployed, marking a three-year high and more people in the workforce. Job seekers are staying unemployed longer, with the median duration of unemployment jumping to over 9 weeks in June. Pay increases for job-switchers have decreased significantly from pandemic highs and are now below 2019 levels. The cooling labor market means it is now more competitive for job seekers to find work.
