Seeking progress

Although the US added fewer jobs than expected last month, the employment situation remains healthy on balance. At 3.9% in April, the unemployment rate did tick slightly higher from 3.8% in the prior month. For younger workers aged 20 to 24, the unemployment rate fell from 7.2% in March to 6%, and is in line with pre-pandemic levels in 2019. However, in a separate report, the US Federal Reserve Bank of St. Louis notes that in 2022, more than one-third of young adults reported earning no income through wages or a salary, up from one-fifth in 1990. Further, among those that do work, after adjusting for inflation, real wage growth for young adults has been stagnant since 2019.

Source: US Federal Reserve Bank of St. Louis , April 2024.