US lost 105,000 jobs in October and added 64,000 in November, according to delayed data
Data shows the headline unemployment rate continued to climb and hit 4.6%, a four-year high, last month
TL;DR
- US labor market added 105,000 jobs in November, surpassing forecasts.
- The unemployment rate climbed to 4.6%, its highest level in four years.
- Previous job growth estimates for August and September were revised downward.
- The Bureau of Labor Statistics (BLS) faced delays and accuracy concerns due to the federal government shutdown.
- Federal Reserve chair Jerome Powell urged caution regarding BLS data due to the shutdown's impact.
- Private sector employers shed jobs in November according to ADP report.
- Powell suggested payroll job numbers may be overestimated.
- Economists do not expect the latest report to prompt the Fed to cut interest rates in January.
- The BLS has faced criticism and leadership changes under the Trump administration.
- Staffing levels at the BLS have decreased under the current administration.