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February 2024 Employment Data Digest

  • The U.S. economy added 275,000 jobs in February, up from the 229,000 jobs added in January.
  • The overall unemployment rate was up from 3.7 percent to 3.9 percent. The 55+ unemployment rate decreased slightly from 2.9 percent to 2.8 percent. For men ages 55+, it decreased from 3.2 percent to 2.8 percent. Meanwhile, the unemployment rate for women ages 55+ increased from 2.5 percent to 2.9 percent.
  • The percentage of jobseekers ages 55+ who were long-term unemployed in February was 24.9 percent compared to 17.2 percent of jobseekers ages 16 to 54. 
  • The total labor force participation rate was unchanged at 62.5 percent. It was also unchanged for those ages 55+ at 38.5 percent. The (unadjusted) rate for those ages 65+ was up, from 19.1 percent in January to 19.4 percent in February.

U.S. WORKFORCE:

  • 275,000 jobs added in February ↑
  • Unemployment rate: 3.9 percent ↑
  • Number of unemployed persons: 6.5 million ↑
  • Labor force participation rate: 62.5 percent ↔
  • Long-term unemployed ages 16–54: 17.2 percent ↓   

55 AND OLDER U.S. WORKFORCE:

  • 37.6 million 55+ workers employed in February ↑
  • 55+ unemployment rate: 2.8 percent ↓
  • Number of 55+ unemployed persons: 1.1 million ↔
  • 55+ labor force participation rate: 38.5 percent ↔
  • 55+ long-term unemployed: 24.9 percent ↓

Source: Bureau of Labor Statistics. Arrows denote a directional change from the prior month.

About the PPI Monthly Employment Data Digest

The AARP Public Policy Institute’s (PPI) latest monthly digest of employment data from the Bureau of Labor Statistics (BLS) examines the findings from the Employment Situation Report. It takes a closer look at employment data for people ages 55 and over, including labor force participation, employment rates, and duration of unemployment. 

For more analysis from PPI expert Jennifer Schramm on employment trends and older workers, see our blog