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For additional information relating to this article, please contact:

Thomas StorringDirector – Economics and Statistics
Tel: 902-424-2410Email: thomas.storring@novascotia.ca

January 10, 2025
US EMPLOYMENT, DECEMBER AND ANNUAL 2024

Monthly change (December 2024 vs November 2024, seasonally adjusted)

US non-farm payroll employment increased 256,000 in December 2024, rising to 159.5 million persons.

The increase of 256,000 in US nonfarm payroll employment was faster than the growth of 212,000 reported for November.                                                        

The US unemployment rate declined 0.1 percentage point to 4.1% in December 2024. The US unemployment rate has remained at or above 4% throughout the second half of 2024.

The US participation rate remained unchanged at 62.5% for the third month. The US participation rate has been rising slowly since 2021, but remains below levels observed prior to the pandemic.

The US employment to population ratio decreased 0.1 percentage points to 60.0% in December 2024. As with the participation rate, the US employment rate has not yet returned to pre-pandemic levels despite gains in the last 2-4 years.

Annual

The average US employment level increased by 2.5 million in 2024 to 158.6 million compared to an increase of 3.5 million in 2023. The unemployment rate rose to an averaged of 4.0% in 2024.

The participation rate was unchanged at 62.6% in 2024 compared to the previous year, while the US employment rate declined slightly by 0.2 percentage points to 60.1% in 2024.

Note: Canadian and US labour force statistics refer to different working-age cohorts. 

Sources: US Bureau of Labor Statistics news release retrieved using FRED API from Federal Reserve Bank of St. Louis

Statistics Canada.  Table  14-10-0287-01   Labour force characteristics, monthly, seasonally adjusted and trend-cycle



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