U.S. employers added 64,000 jobs in November, topping economists’ expectations of roughly 50,000, according to government data released Tuesday morning.
The increase followed a steep downward revision for October, which now shows a loss of 105,000 jobs. That figure was delayed by data disruptions tied to a 43-day federal government shutdown.
While November’s gain marks a return to growth, it comes after an unusually large decline and does not signal a strong rebound.
At the same time, the unemployment rate rose to 4.6% in November, marking its highest point in four years. CNBC reported that a broader measure of joblessness — which includes discouraged workers and those working part-time for economic reasons — climbed to 8.7%, its highest level since August 2021.
The business news outlet added:
In addition to the November report, the BLS released an abbreviated October count that showed payrolls down 105,000. While there was no official estimate, Wall Street economists were largely expecting a decline following a surprise increase of 108,000 in September.
The October slump came from a steep fall in government employment as deferred layoffs institute earlier this year took effect. Government payrolls were off 162,000 for the month, and fell an additional 6,000 in November.
Nevertheless, the October decline marked the third time in six months that payrolls saw a net negative level. The BLS report also showed that August’s numbers were revised down 22,000 to show a steeper loss of 26,000, while September’s initial count was pushed lower by 11,000.
The BLS had cautioned that the household survey, which is used to calculate the unemployment rate, will be impacted for several months by impacts from the shutdown. Challenges in capturing the October numbers led to the cancellation of both the jobs report and the closely watched consumer price index.
Several economists, along with Federal Reserve officials, have warned that recent payroll data may understate weakness. Some suggest headline job gains could be overstated because of gaps and inconsistencies caused by the shutdown.
U.S. stock index futures edged higher after the report, as investors interpreted the mixed data as reducing pressure on the Federal Reserve to raise interest rates further.
A cooling labor market, combined with a rising unemployment rate, could weigh on future monetary policy decisions and economic forecasts.
Taken together, the data show modest job growth in November following an outsized October decline. The broader trend points to a labor market that is softening, with continued volatility and growing uncertainty about the pace of the U.S. economy.
This is a breaking news story. Please check back for updates.
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