4.3%2026 thru Jun
−3.4 pts since 1976 7.7% then
Oil shock & inflation peak (1979) ’79 Black Monday crash (1987) ’87 Gulf War recession (1991) ’91 Dot-com bust & 9/11 (2001) ’01 Global financial crisis (2008) ’08 COVID-19 pandemic (2020) ’20
Underemployment (U-6)
percent, annual average · 1994–2026 · FRED U6RATE
8.0%2026 thru Jun
−2.9 pts since 1994 10.9% then
Dot-com bust & 9/11 (2001) ’01 Global financial crisis (2008) ’08 COVID-19 pandemic (2020) ’20
Labor Force Participation
percent, annual average · FRED CIVPART
61.8%2026 thru Jun
+0.2 pts since 1976 61.6% then
Oil shock & inflation peak (1979) ’79 Black Monday crash (1987) ’87 Gulf War recession (1991) ’91 Dot-com bust & 9/11 (2001) ’01 Global financial crisis (2008) ’08 COVID-19 pandemic (2020) ’20
2.1%2025
−3.3 pts since 1976 5.4% then
Oil shock & inflation peak (1979) ’79 Black Monday crash (1987) ’87 Gulf War recession (1991) ’91 Dot-com bust & 9/11 (2001) ’01 Global financial crisis (2008) ’08 COVID-19 pandemic (2020) ’20
119.82026 thru Mar
+149% since 1976 48.1 then
Oil shock & inflation peak (1979) ’79 Black Monday crash (1987) ’87 Gulf War recession (1991) ’91 Dot-com bust & 9/11 (2001) ’01 Global financial crisis (2008) ’08 COVID-19 pandemic (2020) ’20
3.3%2026 thru Jun
−2.5 pts since 1976 5.8% then
Oil shock & inflation peak (1979) ’79 Black Monday crash (1987) ’87 Gulf War recession (1991) ’91 Dot-com bust & 9/11 (2001) ’01 Global financial crisis (2008) ’08 COVID-19 pandemic (2020) ’20
$83,7302024
+39% since 1984 $60,420 then
Black Monday crash (1987) ’87 Gulf War recession (1991) ’91 Dot-com bust & 9/11 (2001) ’01 Global financial crisis (2008) ’08 COVID-19 pandemic (2020) ’20
Manufacturing Jobs
employees, annual average · FRED MANEMP
12.60M2026 thru Jun
−28% since 1976 17.54M then
Oil shock & inflation peak (1979) ’79 Black Monday crash (1987) ’87 Gulf War recession (1991) ’91 Dot-com bust & 9/11 (2001) ’01 Global financial crisis (2008) ’08 COVID-19 pandemic (2020) ’20
5.64M2025
+125% since 2005 2.50M then
Global financial crisis (2008) ’08 COVID-19 pandemic (2020) ’20