| Recession start | Nonfarm payroll growth (3-month average, thousands) | Unemployment rate |
|---|---|---|
| Nov. '48 | 5 | 3.8% |
| July '53 | 34 | 2.6% |
| Aug. '57 | -7 | 4.1% |
| Apr. '60 | 180 | 5.2% |
| Dec. '69 | 109 | 3.5% |
| Nov. '73 | 251 | 4.8% |
| Jan. '80 | 106 | 7.2% |
| July '81 | 106 | 7.2% |
| July '90 | 47 | 5.5% |
| Mar. '01 | 12 | 4.3% |
| Dec. '07 | 98 | 5.0% |
| Feb. '20 | 208 | 3.5% |
| Average | 96 | 4.7% |
| July '25 | 35 | 4.2% |
Disclosure Title
Source:
Disclosure
Charles Schwab, Bloomberg, Bureau of Labor Statistics, as of 7/31/2025.