数据来源: Federal Reserve Economic Data (FRED) • 最后更新: 2026-07-01
-0.1%p （环比）2026年7月
4%以下：充分就业水平 4–6%：良好水平 6%以上：需要关注
2026年7月 疫情前：63.4%
失业率是指劳动力人口（就业者与失业者之和）中失业者所占的比例，是核心经济指标。由美国劳工部每月第一个周五发布。
自然失业率（NAIRU）：不会加速通胀的失业率，目前估计约为4.0–4.5%。
The unemployment rate is the share of the labor force that is actively looking for work but not employed, making it the headline gauge of labor-market health. It is calculated by the U.S. Bureau of Labor Statistics from the household survey and released on the first Friday of each month as part of the jobs report, alongside nonfarm payrolls and wage growth. People who have stopped searching for work drop out of the labor force and are not counted as unemployed, which is a known limitation. For that reason it is usually read together with the labor force participation rate.
In the United States, an unemployment rate around 4% is commonly viewed as close to full employment. Very low unemployment can fuel inflation pressure through faster wage growth, while a sustained upturn in the rate is read as a sign of economic weakening. The widely cited Sahm rule flags recession risk when the three-month average unemployment rate rises 0.5 percentage points or more above its low from the prior twelve months. Because unemployment lags the business cycle, changes in its direction carry significant informational value.
The monthly jobs report is one of the most market-moving releases, and surprises in the unemployment rate or payrolls often trigger sharp moves in bonds and equities. A hot labor market raises rate-hike concerns while a weak one stokes recession fears, so whether good news is good for markets depends on the macro regime. Because maximum employment is half of the Fed's dual mandate, labor data feed directly into monetary policy expectations. Initial jobless claims, job openings from the JOLTS report, and wage growth are useful companions for a fuller labor-market picture.