The US economy added 64,000 jobs in November, but the unemployment rate rose to 4.6%, the highest level since September 2021, according to the Labor Department. The figure reflects a labor market that continues to lose momentum toward the end of the year.
The report was delayed by nearly a month due to the 43-day government shutdown, which also affected the release of several key economic data. The delay added uncertainty to the assessment of current labor market conditions.
Analysts had previously expected a job gain of around 50,000, making the actual number slightly better than expected, although it still points to underlying weakness in the labor market.
Partial October data showed a loss of 105,000 jobs, partly attributed to the delayed impact of government sector job cuts, particularly from the DOGE-driven deferred resignation program.
Overall, the report confirmed concerns that the US labor market is in a slowdown phase, with unemployment rising and job opportunities becoming increasingly limited.
