Job market monitor - a deep dive

EU & US

Unemployment Rate

EU | VERY LOW (6%)
US | LOW (4.3%)
EurozoneUnited StatesMay 16Feb 17Nov 17Aug 18May 19Feb 20Nov 20Aug 21May 22Feb 23Nov 23Aug 24May 25Feb 264%6%8%10%12%
UNITED STATES

Initial Jobless Claims

LOW | 226k
Initial Claims4-Week MAJun 23Sep 23Dec 23Mar 24Jun 24Sep 24Dec 24Mar 25Jun 25Sep 25Dec 25Mar 26Jun 26190k200k210k220k230k240k250k
UNITED STATES

Non-Farm Payrolls

SOLID (172k)
Jun 16Apr 17Feb 18Dec 18Oct 19Aug 20Jun 21Apr 22Feb 23Dec 23Oct 24Aug 25-400k-200k200k400k600k800k

Insights

CONCEPT

We monitor the pulse of the EU and US labor markets by tracking headline unemployment alongside real-time hiring and firing trends: US initial jobless claims - a weekly tracker of first-time unemployment filings—our fastest indicator for labor market stress, EU hiring plans and US job openings - forward-looking metrics showing business demand for new workers, and finally US non-farm payrolls - the net monthly change in total paid workers.

CURRENT READINGS

  • Unemployment rate in EU is at 6% (VERY LOW for the region) and 4.3% in US (LOW). US data also shows 172k gains in non-farm payrolls (SOLID) and initial jobless claims at 226k (LOW). Looking at future plan, EU expected hiring runs at 95.4% (LOW), which been volatile, going down (by -3.1 points) in the quarter and up (by 2.1 points) last month, while US job openings continues to trend up ( up (by 731k) QoQ, up fast (by 731k) MoM)
  • MARKET IMPLICATIONS

    Overall, the EU job market looks robust - employment remains healthy and stable - while the US job market is strong: employment is running hot with robust job creation and historically low claims.

    Central banks watch jobs data closely, but headline unemployment is a lagging indicator—by the time it spikes, the structural economic damage is already done. That's why we watch weekly US jobless claims as our early-warning system. Keep in mind the structural DNA difference: the EU job market is built for rigidity and stability, while the US market is inherently flexible. This makes US data far more sensitive to economic turning points—and a much better tool for tactical portfolio positioning.