The U.S. Bureau of Labor Statistics reports a steep decline in full-time employment, with a drop of 1 million jobs year-over-year, marking the ninth month in a row of losses. Over the past 18 months, 1.3 million Americans have lost full-time positions—the largest loss since 2020.
Several factors contribute to this trend. An economic slowdown has impacted consumer spending, with inflation and supply chain issues pushing many businesses to cut jobs. Hard-hit sectors like manufacturing and temporary help services have seen some of the highest declines, partially due to strike activities and economic pressures in those fields.
Long-term unemployment (27 weeks or more) is also on the rise, adding to the overall decline. This trend impacts states across the U.S., especially those with large manufacturing bases and those affected by recent natural disasters, including Hurricanes Helene and Milton.
Sources:
- U.S. Bureau of Labor Statistics: The Employment Situation – October 2024
- Federal Reserve Bank of St. Louis: Employed, Usually Work Full Time – FRED
- U.S. Bureau of Labor Statistics: Employment Situation Summary – 2024 M10 Results