US unemployment hits highest level since 2021 as labour market cools
Summary
The U.S. economy lost 41,000 jobs over October and November, causing the unemployment rate to rise to its highest level since 2021. While some sectors like healthcare saw job gains, government and manufacturing jobs declined. The Federal Reserve cut interest rates, and stock markets dipped slightly following the jobs report.Key Facts
- The U.S. lost 41,000 jobs in October and November 2023.
- The unemployment rate increased to 4.6% from 4.4% in September.
- The federal government shutdown in October and November affected data collection.
- The healthcare sector added 46,000 jobs in November.
- Construction jobs increased by 28,000 in November.
- Manufacturing lost a total of 14,000 jobs in October and November.
- The Federal Reserve lowered interest rates to a range of 3.5-3.75%.
- Stock markets slightly declined after the jobs report was released.
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