Unemployment rate hits 4-year high
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The update was delayed due to the government shutdown, but the numbers showed the labor market continuing to weaken. The unemployment rate rose to 4.6%, its highest level in four years, up from 4.2%, and the economy added only 64,000 jobs. The Bureau of Labor Statistics said there's been little net job growth since April.
The latest jobs report shows U.S. hiring slowed in November and employers shed jobs in October, providing a clearer view of the labor market after months of data disruptions.
Economists also note that the report showed that wages are growing at the lowest rate in years. Although Americans’ earnings are still outpacing inflation, average hourly earnings grew at an annual rate of 3.5% in November, whereas inflation grew at a 3% rate in September, marking the slowest pace since 2021.
Not only is California’s unemployment rate again the nation’s highest among the 50 states, the number of unemployed workers in the state was up for the sixth straight month. The September rate, the latest data available, was 5.6%, according to the California Employment Development Department. The national rate was 4.4%.
Today’s data may help explain why majorities of voters in recent polls have given President Trump poor marks on the economy. Unemployment is rising and wage growth is slowing, the data show, adding to the financial pressures on American families when prices are elevated.
The 4.6% unemployment rate in November doesn’t represent a lot of people losing their jobs. It’s just that more and more people who want work are having trouble finding it.
The Bureau of Labor Statistics released its job report showing that the U.S. cut 105,000 jobs in October and added 64,000 jobs in November. NBC News' Brian Cheung reports on which industries suffered the most and how the data was affected by the government shutdown.