The unemployment rate in fiscal year 2023 dropped to 3.6 percent. Following a steady return to pre-pandemic employment levels in the U.S. economy. The unemployment rate of the United States which has been steadily decreasing since the 2008 financial crisis, spiked to 8.1 percent in 2020 due to the COVID-19 pandemic. The annual unemployment rate of the U.S. since 1990 can be found here.
Falling unemployment
The unemployment rate, or the part of the U.S. labor force that is without a job, fell again in 2022 after peaking at 8.1 percent in 2020 - a rate that has not been seen since the years following the 2008 financial crisis. The financial crash caused unemployment in the U.S. to soar from 4.6 percent in 2007 to 9.6 percent in 2010. Since 2010, the unemployment rate had been steadily falling, meaning that more and more people are finding work, whether that be through full-time employment or part-time employment. However, the affects of the COVID-19 pandemic created a spike in unemployment across the country.
U.S. unemployment in comparison
Compared to unemployment rates in the European Union, U.S. unemployment is relatively low. Greece was hit particularly hard by the 2008 financial crisis and faced a government debt crisis that sent the Greek economy into a tailspin. Due to this crisis, and the added impact of the pandemic, Greece still has the highest unemployment rate in the European Union.
Forecast of the unemployment rate in the United States for fiscal years 2023 to 2034
Year
Unemployment rate
2034*
4.5%
2033*
4.5%
2032*
4.5%
2031*
4.5%
2030*
4.5%
2029*
4.5%
2028*
4.4%
2027*
4.4%
2026*
4.3%
2025*
4.4%
2024*
4.1%
2023
3.6%
Created with Highcharts 7.2.2YearUnemployment rate3.6%3.6%4.1%4.1%4.4%4.4%4.3%4.3%4.4%4.4%4.4%4.4%4.5%4.5%4.5%4.5%4.5%4.5%4.5%4.5%4.5%4.5%4.5%4.5%20232024*2025*2026*2027*2028*2029*2030*2031*2032*2033*2034*
0%1%2%3%4%5%
Add this content to your personal favorites. These can be accessed from the favorites menu in the main navigation.
You have no right to use this feature.
Make sure to contact us if you are interested in scientific citation.
You can upgrade your account to enable this functionality for all statistics.
This feature is not available with your current account.Request access
Learn more about how Statista can support your business.
US Congressional Budget Office. (February 7, 2024). Forecast of the unemployment rate in the United States for fiscal years 2023 to 2034 [Graph]. In Statista. Retrieved February 19, 2025, from https://www.statista.com/statistics/217029/forecast-to-the-unemployment-rate-in-the-united-states/
US Congressional Budget Office. "Forecast of the unemployment rate in the United States for fiscal years 2023 to 2034." Chart. February 7, 2024. Statista. Accessed February 19, 2025. https://www.statista.com/statistics/217029/forecast-to-the-unemployment-rate-in-the-united-states/
US Congressional Budget Office. (2024). Forecast of the unemployment rate in the United States for fiscal years 2023 to 2034. Statista. Statista Inc.. Accessed: February 19, 2025. https://www.statista.com/statistics/217029/forecast-to-the-unemployment-rate-in-the-united-states/
US Congressional Budget Office. "Forecast of The Unemployment Rate in The United States for Fiscal Years 2023 to 2034." Statista, Statista Inc., 7 Feb 2024, https://www.statista.com/statistics/217029/forecast-to-the-unemployment-rate-in-the-united-states/
US Congressional Budget Office, Forecast of the unemployment rate in the United States for fiscal years 2023 to 2034 Statista, https://www.statista.com/statistics/217029/forecast-to-the-unemployment-rate-in-the-united-states/ (last visited February 19, 2025)
Forecast of the unemployment rate in the United States for fiscal years 2023 to 2034 [Graph], US Congressional Budget Office, February 7, 2024. [Online]. Available: https://www.statista.com/statistics/217029/forecast-to-the-unemployment-rate-in-the-united-states/
Profit from additional features with an Employee Account
Please create an employee account to be able to mark statistics as favorites.
Then you can access your favorite statistics via the star in the header.
Profit from the additional features of your individual account
Currently, you are using a shared account. To use individual functions (e.g., mark statistics as favourites, set
statistic alerts) please log in with your personal account.
If you are an admin, please authenticate by logging in again.