Bloomberg Surveillance · Monday, July 6, 2026
The US labor market is nearing full employment, with an unemployment rate of 4.6%. While there are pockets of softness, the market is described as being roughly in balance, with muted labor supply growth and moderated demand. This situation is considered a crucial indicator amidst current economic crosscurrents.
“The thing that I notice in your note is we migrate I mean rounded of five percent and being inflammatory four point six percent unemployment rate. Is that still a fully employed America?”
“Well, I think it's close to it. Tom, and again, what a wonderful way to start the week. On the show again, the labor the unemploymentary. You know, typically comments will say it's a live an indicator. I couldn't think of a more important one right now, just because of these cross currents. Right we have a labor supply in the United States that for some time was going to be muted or low number of people entering the workforce. At the same time, we've had the demand come down the past two years for a number of reasons. I'd say it's roughly in balance. There are pockets of softness clearly versus the heady days of COVID three, four or five years ago, but it is not as week as some say that I would that is to us.”