🇺🇸 US Labor Market Adds Jobs, But Unemployment Hits Four-Year High The US economy added 64,000 jobs in November, but the unemployment rate rose to 4.6%, a more than four-year high. This is attributed to a series of disruptive factors: a record government shutdown, the loss of federal government jobs, and a hiring freeze that resembled a "hiring pause." The missing October jobs report was finally released: data showed that the US economy lost 105,000 jobs that month, mostly due to government employees finally leaving following delayed buyout programs. In the private sector, healthcare and education remain the main drivers of job growth, while the technology, finance, and transportation sectors continue to see layoffs. The Black unemployment rate surged to 8.3%. Wage growth has virtually stalled. Compared to last year, wages have increased by only 3.5%, the slowest pace in years. The Federal Reserve has cut interest rates three times, and Chairman Jerome Powell stated that the labor market is cooling more than official data suggests. Job creation is still underway, but at a slow pace. Layoffs haven't surged, but hiring hasn't increased either. Source: Axios, The Wall Street Journal