US November Jobs Report Shows Rise in Unemployment Amid Mixed Payroll Changes
The US unemployment rate rose to 4.6% in November, marking a four-year high and an increase from 4.4% in September. Nonfarm payrolls increased by 64,000 in November, while October payrolls fell by 105,000 due to a loss of 162,000 federal government jobs amid earlier government job cuts. The November report was delayed due to the 43-day federal government shutdown, resulting in October data being released alongside November's figures.
Sector details showed health care jobs increased by 46,000, including 11,000 in nursing and residential care, construction jobs rose by 28,000, transportation and warehousing declined by 18,000, and manufacturing decreased by 5,000. Long-term unemployment, defined as lasting over six months, rose to 1.9 million in November, up from 1.8 million in September and 1.7 million a year earlier.
The Federal Reserve recently cut interest rates by 0.25 percentage points, its third cut this year, with most projections indicating one rate cut in 2026. However, weaker data could prompt additional cuts. Analysts have cautioned that the employment data may be distorted by immigration policy and data collection issues, advising skepticism in their interpretation. Federal Reserve Chair Jerome Powell is expected to view the data cautiously.
Meanwhile, White House adviser Kevin Hassett described the figures as reflecting a solid upward trajectory and highlighted himself as a potential candidate to succeed Powell as Fed chair.
