U.S. National Unemployment Rate at 4.1% in October

According to the U.S. Bureau of Labor Statistics (BLS), the national unemployment rate held steady at 4.1% in October, 0.3 percentage points higher than in October 2022.

The report revealed that in October, unemployment rates decreased in three states, increased in one state, and remained unchanged in 46 states, including the District of Columbia. Compared to the previous year, 24 states and the District experienced higher unemployment rates, while six states reported decreases and 20 states had little to no change.

South Dakota recorded the lowest unemployment rate in October at 1.9%. The District of Columbia and Nevada had the highest rates, at 5.7% each. Overall, 24 states had unemployment rates lower than the national figure of 4.1%. Three states and the District reported higher rates, while 23 states had rates similar to the national average.

In October, three states reduced their unemployment rates: Connecticut, Delaware (-0.2 percentage points each), and South Dakota (-0.1 points). Iowa was the only state with an increase (+0.1 points). Unemployment rates in 46 states and the District of Columbia remained stable compared to the previous month.

On an annual basis, 24 states and the District reported increases in unemployment rates, with South Carolina experiencing the most significant rise (+1.7 points). Six states saw decreases, the largest in Connecticut (-1.2 points).

Nonfarm Employment

In October 2024, nonfarm employment fell in Florida by 38,000 jobs (0.4%) and in Washington by 35,900 jobs (1.0%) while remaining stable in 48 states and the District of Columbia.

Over the year, nonfarm employment increased in 27 states, remained unchanged in 23 states, and decreased in the District of Columbia.

The most significant job gains occurred in Texas (+274,600), California (+212,100), and New York (+133,600). Idaho had the highest percentage increase (+3.1%), followed by Missouri and South Carolina (+2.7% each).