US Unemployment Rises to Four-Year High as Job Growth Lags Workforce Expansion

Unemployment in the United States climbed to its highest level in four years, according to the latest jobs report. The jobless rate increased from 4.4 per cent in September to 4.6 per cent in November, marking the highest level since September 2021, when it stood at 4.7 per cent.
Data from the Bureau of Labor Statistics shows a mixed employment picture. While approximately 105,000 jobs were lost in October, the economy added about 64,000 jobs in November. The net figures point to uneven job creation amid a growing workforce.
Despite overall job gains in November, the public sector recorded significant losses. Government employment declined by an estimated 162,000 jobs, largely due to voluntary exits following buyout offers from the federal administration.
Private-sector trends varied across industries. Healthcare added around 46,000 jobs, including 11,000 positions in nursing and residential care facilities. The construction sector saw gains of about 28,000 jobs. In contrast, transportation and warehousing lost roughly 18,000 jobs during the month, while manufacturing employment declined by about 5,000 positions.
The data suggests that the number of people either seeking work or entering the labour force is growing faster than the availability of new jobs, contributing to the rise in unemployment.
Separately, a report from the Census Bureau indicated that retail sales in October fell to their lowest level in five months, pointing to potential softening in consumer demand alongside labour market pressures.
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