MACRO · JOBS
US unemployment rate
The share of people who want to work and looked for a job but did not find one.
Current value4.2%+0.1 ppChange from previous observation · as of Sep 1, 2026
Latest value
Published monthly| Current value | 4.2% |
|---|---|
| Observation date | Sep 1, 2026 |
| Published | Monthly |
| vs previous observation | +0.1 pp |
| vs 1 month ago | +0.1 pp |
| vs 1 year ago | -0.2 pp |
| Past-year range | 4.1% to 4.5% |
| Position in range | 25% (0% = 1-year low, 100% = 1-year high) |
Source: U.S. Bureau of Labor Statistics, Unemployment Rate [UNRATE], retrieved from FRED, Federal Reserve Bank of St. Louis
What this number measures
The unemployment rate is the number of unemployed people divided by the labor force. Unemployed here does not mean anyone without work. It covers only people who want to work and actually looked for a job recently.
The U.S. Bureau of Labor Statistics publishes it every month from a household survey, with seasonal effects removed.
How it is calculated and when it is released
The unemployed divided by the labor force (employed plus unemployed), times 100. People who did not look for work are left out of both the numerator and the denominator.
Released once a month, with a lag after the reference month ends.
What this number does not tell you
- People who gave up looking also drop out of the denominator, so the rate can fall even when the job situation worsens. The direction cannot be judged from this one ratio.
- Who the unemployed are and how long they have been unemployed are not part of this ratio.
- Job quality, working hours and pay levels are not part of it either.
Common misreadings
- Reading it as a measure of hardship
The unemployment rate is a statistical ratio defined by whether people looked for work. It does not tell how hard things are for people without jobs.
- Confusing it with the number of unemployed
As the population grows, the number of unemployed can grow too. That is why the ratio is used rather than the count.
- Unit of change
A move from 4.1% to 4.3% is a rise of 0.2 percentage points (pp).
※ This explains the definition and past observations of the indicator. It does not forecast future values or market direction.
Other indicators in this group (Employment)
This page is information based on public data and is not advice on any stock or financial product. The indicators summarize current and past facts and do not forecast the future.