US Full-Time Employment Falls to Pandemic Low as Share of Total Jobs
Full-time employment in the US fell by 79,000 in May to 134.17 million, the lowest since December 2024, marking the second consecutive monthly decline. The share of full-time jobs dropped to 82.4%, matching the pandemic low.
US full-time employment declined by 79,000 in May to 134.17 million, the lowest level since December 2024, according to data highlighted by The Kobeissi Letter. This marks the second straight monthly drop and the fourth decline in the last five months, for a cumulative loss of 1.04 million jobs. Full-time employment is now below the levels seen in March–June 2023.
The share of full-time workers as a percentage of total employment fell to 82.4%, in line with the pandemic-era low. For comparison, the peak in 2022 was 83.8%, and the pre-Financial Crisis peak stood at 83.2%.
The data suggests the US labor market is weaker than headline unemployment figures imply, with underlying weakness persisting beneath the surface.
Source: The Kobeissi Letter