Indeed. Something to note is the labor force participation rate keeps dropping. We’re down to 61.4%. It was 61.5% in June 2026, 62.3% in June 2025.

We also have 4.8 million that are part-time employed, but want full-time work. That’s up from 4.7 million last month, and up from 4.5 million in June 2025, and up further from 4.2 million in June 2024.

There’s also 6.0 million that want a job, but aren’t employed. This is the same as June 2025, but up by 800,000 since June 2024.

So if you take the U-3 number (what’s reported) then factor in the other two figures, you really have 10.5% that are unemployed, discouraged, or underemployed.

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The other question never answered is, “How many jobs are needed to create equilibrium?”, or where the employment rate remains stable. That’s NEVER talked about by media or the BLS, but it’s actually not difficult to get an approximate answer.

You’d want to look at population growth rates for 18-22 years ago (as those people would now be entering the workforce), multiply that by the labor force participation rate, and then divide as appropriate for the period. Typically, the US economy would need 140,000 - 145,000 new seasonally-adjusted jobs created every month to maintain a steady employment rate, given its historic and current population growth rates.