U.S. economy adds 64,000 jobs in November, unemployment rate at 4-year high
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The U.S. economy added 64,000 jobs in November, while the unemployment rate rose to 4.6%, the Labor Department said on Tuesday in a report delayed by the government shutdown.
Why it matters: Hiring slowed last month alongside a jump in the jobless rate, a sign of persistent weakness in the U.S. job market.
The intrigue: The report comes after the government canceled the October jobs report, citing the government shutdown.
- Tuesday's report indicated the economy lost 105,000 jobs in October, according to delayed data collected from businesses — a decline almost entirely due to employees who accepted the government's deferred resignation program coming off payrolls.
- Revisions also showed slightly weaker jobs growth than reported in August and September, with employment in those two months a combined 33,000 lower than last estimated.
Zoom in: The latest jobs report shows the unemployment rate at 4.6%, up from 4.4% in September and the highest in more than four years.
- Jobless rates continued to jump for most demographics, particularly for Black workers, with the rate rising to 8.3% from 7.5% in September.
Yes, but: There is no unemployment data or other key indicators about the labor force for October.
- Labor Department officials had previously said they would be unable to retroactively collect those figures — sourced from a survey of households — in an accurate manner due to the shutdown.
- "The absence of October data increased the burden on collecting data in November," the Bureau of Labor Statistics said on its website.
Of note: A separate delayed report showed retail sales were flat in October, after barely budging (+0.1%) the prior month.
- The Commerce Department said the figures were weighed down by slower spending at auto shops and gasoline stations.
- Excluding those categories, spending was up 0.5%.
The big picture: The Federal Reserve cut interest rates for the third consecutive time last week, a divided decision as officials moved to stave off further job market weakness.
- Fed chair Jerome Powell told reporters that the labor market was likely weaker than official government indicators suggest, a result of a massive shift in population growth as the Trump administration cracks down on immigration.
- "We think there's an overstatement in these numbers," Powell said.
- "Surveys of households and businesses both show declining supply and demand for workers. The labor market has continued to cool gradually, maybe just a touch more gradually than we thought," he added.
Editor's note: This story has been updated with new data throughout.
