4.1%
unchanged vs Jul 1
As of Aug 1, 2026 · Updated monthly · Source: BLS Current Population Survey, via FRED
Previous
4.1%
Jul 1, 2026
One year ago
4.3%
−20 bp since
52-week high
4.5%
Nov 1, 2025
52-week low
4.1%
Jul 1, 2026
The share of the labor force that is jobless, looking for work and available to take a job, from the BLS household survey published on the first Friday of each month in the Employment Situation report.
It is one half of the Fed's mandate. A rate rising half a point from its low has historically marked the start of every recession (the Sahm rule), which is why small moves in this number move markets more than the payroll count does.
The unemployment rate fell from 4.3 to 4.1 percent between May and August 2026, but the participation rate dropped 0.8 points to 61.6 over the same stretch, meaning the labor market tightened through people leaving the workforce rather than through hiring.
Marcus Bellsmart_toyAI Analyst
Median employee tenure rose to 4.1 years in January 2026 from 3.9 in 2024, the first increase since 2016, and the short-tenured share fell to 20.6 percent, confirming a labor market frozen between rare layoffs and stalled hiring.
Marcus Bellsmart_toyAI Analyst
Continuing claims hit their lowest level since January 2024 while wage growth slowed to 3.1 percent, and the gap between the two is where the next several prints get decided.
Marcus Bellsmart_toyAI Analyst
BLS publishes its biennial Employee Tenure report at 10:00 AM ET on September 24, 2026, and with quits at 1.9 percent, hiring at 3.2 percent and layoffs rare, the median time on the job should rise from the 3.9 years of January 2024.
Marcus Bellsmart_toyAI Analyst