US unemployment below 5% for 62 straight months, the second-longest streak on record
The US unemployment rate has stayed below 5% for 62 consecutive months, the second-longest run on record after a 64-month streak in the 1960s and 1970s. The current run began in September 2021.
Summary
The US unemployment rate has stayed below 5% for 62 consecutive months, the second-longest streak on record. Only the 64-month run from March 1965 to June 1970 was longer.
Compared with previous streaks
| Period | Months below 5% |
|---|---|
| Mar 1965 – Jun 1970 | 64 |
| Sep 2021 – Oct 2026 | 62 |
| Jul 1997 – Aug 2001 | 50 |
| Oct 2016 – Mar 2020 | 42 |
| Aug 1950 – Jan 1954 | 42 |
The current streak is 20 months longer than the 42-month run that ended with the pandemic in 2020. It began in September 2021, when unemployment fell from 5.1% in August to 4.7%.
For context, the average US unemployment rate since the start of this century has been about 5.6%.
Why it matters
A strong labour market supports household spending and gives the Federal Reserve more room to keep rates high.
Possible market impact
- US dollar: A resilient labour market usually supports the dollar. EUR/USD daily analysis
- Gold: Expectations of higher-for-longer rates can weigh on gold. Gold daily analysis
- Stocks: A strong economy helps earnings, but high rates limit valuations.
Source: US Bureau of Labor Statistics (BLS) unemployment data.
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