Jobless Rate Falls to Pre-Pandemic Level at 4.5 percent in October.
December 13, 2022
The unemployment rate fell to 4.5 percent in October, matching the record-low level last seen in October 2019. Through the first ten months of 2022, the unemployment rate has averaged 5.6 percent, significantly lower than 2021’s full-year average of 7.8 percent. October also saw an improvement in the underemployment rate, which declined to 14.2 percent from 15.4 percent in the previous month. Through the first ten months of the year, the underemployment rate has averaged 14.4 percent, compared to a full-year average of 16 percent in 2021. The size of the labor force continued to contract, however, to 49.348 million in October, from 50.080 in September. This equated to a labor force participation rate (LFPR) of 64.2 percent, lower than September’s LFRP of 65.2 percent.
