Unemployment rate ticks up amid fall job losses

Woman at career fair as unemployment rises — The unemployment rate has climbed to 4.6%

(Image credit: Spencer Platt / Getty Images)

What happened

The U.S. gained 64,000 jobs in November but lost 105,000 in October, the Commerce Department reported Tuesday, and the unemployment rate climbed to 4.6%, the highest since 2021. Along with the net loss of 41,000 jobs, the department also revised August and September’s payroll numbers downward by 33,000 jobs. Wages grew an anemic 0.1% last month, the smallest gain since 2023. The October jobs report was delayed because of the government shutdown.

“Taken together,” the data released Tuesday “point to one of the weakest American labor markets in years,” The Wall Street Journal said. Hiring has “clearly lost momentum,” The Associated Press said, “hobbled by uncertainty over President Donald Trump’s tariffs” and the “lingering effects” of inflation-fighting high interest rates.

The “economy is flashing new warning signs,” but October’s steep losses “reflected the exit of tens of thousands of federal workers who took a deferred resignation package earlier this year,” The Washington Post said. “All roads lead back to policy out of Washington, D.C.,” RSM chief economist Joseph Brusuelas told the Journal. “I’m not saying this is a harbinger of a recession, but we have some real challenges to the economy that we didn’t have one year ago.”

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