US labor market slows: job growth weak in November

64,000 jobs added, but unemployment rises to 4.6%, highest since 2021

The US labor market continues to cool, with weak job growth pointing to further loss of momentum. Nonfarm payrolls increased by 64,000 in November, slightly above expectations, following a decline of 105,000 in October, according to data released Tuesday by the Bureau of Labor Statistics (BLS) after delays caused by the government shutdown.

The unemployment rate rose to 4.6%, up from 4.4% in September and marking its highest level since 2021. The BLS did not publish an official unemployment rate for October, citing its inability to retroactively collect the data during the federal shutdown.

While November’s job gains beat market forecasts (45,000 according to Dow Jones), the overall picture confirms a labor market that is gradually losing strength, following an unexpected increase of 119,000 jobs in September.

Andrea Pelucchi