The Nation's Unemployment Rate Rises

The economy is flashing new warning signs, as the U.S. labor market shed jobs over October and November, and the unemployment rate ticked up to 4.6 percent, the highest level since 2021.

Job gains of 64,000 in November exceeded expectations but only partially offset the loss of 105,000 jobs in October. Those losses, the sharpest since the COVID-pandemic-era recession, reflected the exit of tens of thousands of federal workers who took a deferred resignation package earlier this year.

The long-awaited jobs report by the Department of Labor (DOL) was delayed because of the federal government shutdown, creating headaches for economists and policymakers trying to assess how fast the labor market slowed this fall, as President Donald Trump’s economic policies, including higher tariffs and immigration enforcement, continue to take hold.

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