US Job Market: October Loss, November Gain Masks Economic Concerns
The US labor market experienced unexpected growth in November, adding 64,000 jobs, exceeding economists’ expectations, though the unemployment rate climbed to 4.6%. Prior jobs growth figures were revised downward, and the government shutdown caused delays and concerns about data accuracy. Federal Reserve Chair Jerome Powell expressed skepticism about the data due to the shutdown’s impact, as well as the effects of the Trump administration’s immigration policies. Furthermore, the report came amidst significant changes to the Bureau of Labor Statistics including a recent firing of the BLS commissioner and a drop in staff members.
John Q. Hosedrinker