United States Congress Joint Economic Committee

Alabama

June 2024

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May Employment Update
Labor Market (BLS/Haver)
Most Recent Prior Month 12 Mo. Prior
Alabama Unemployment (U-3) 2.5% 2.6% 2.6%
U.S. Official Rate (U-3) 3.7% 3.7% 3.4%
U.S. "Real" Rate (U-6) 7.0% 7.1% 6.7%
Alabama Labor Force Participation Rate 56.7% 56.7% 57.1%
U.S. Labor Force Participation Rate 62.5% 62.7% 62.6%
Prices (BLS/Haver, AAA)
Most Recent Prior Month 12 Mo. Prior
CPI-U Inflation 3.4% 3.1% 6.5%
"Core" CPI Inflation 3.9% 4.0% 5.7%
National Gas/gal. Updated 6/29/24 12:00 AM $3.50 $3.58 $3.55
Alabama Gas/gal. $3.09 $3.20 $3.11
South Region: Loaf of Bread $1.83 $1.80 $1.70
South Region: Milk/gal. $4.06 $4.07 $4.22
Economic Growth (BEA, WSJ/Haver)
U.S. Real GDP
Q4/2023 (3rd Estimate)
3.4%
AL Real GDP
Q4/2023
4.8%
S&P 500 (YTD)
0.29% Updated 1/16/24 5:00 AM
Minimum Wage (DOL/WHD)
National Hourly Rate
$7.25
AL Hourly Rate
(No minimum wage required)
Last Generated: 6/30/24 5:15 AM