WASHINGTON–The U.S. unemployment rate rose to 4.6% in November, its highest in more than four years.
The new data, delayed by the shutdown of the federal government, showed that 64,000 jobs were gained in November, while 105,000 jobs were lost in October. Job losses in June, August and October mean the U.S. economy has shed jobs in three out of the past six months, the data reveal.
“The jobs gain report for October and November reveals a continuation of the weakening trend in the labor market, with unemployment rising two percentage points and October showing sharp declines due to DOGE cuts, despite modest gains in November,” said Dawit Kebede, senior economist with America’s Credit Unions “Additional signs of broader challenges to the labor market include concentration of job gains in only a few private sector industries and downward revisions of prior month reports. If this deterioration continues in upcoming reports, the Federal Reserve may need to reconsider its hawkish stance planned for 2026. Credit unions will remain a trusted and reliable partner for members in times of economic challenges.”
Slightly Better Than Forecast
Payroll gains in November were slightly better than the 45,000 forecast by economists polled by The Wall Street Journal, but they had expected a lower unemployment rate of 4.5%, the publication reported.
Federal-government employment shrank by 6,000 jobs in November, adding to a massive loss of 162,000 federal jobs in October. Federal-government employment is down by about 270,000 since January, the Labor Department said.
