Summary
The number of people applying for unemployment benefits in the U.S. dropped to its lowest in a month. The labor market has been weak, partly because of President Trump's tariff policies. The U.S. unemployment rate was high in November, influenced by federal employees leaving their jobs.
Key Facts
- Unemployment benefit claims fell by 16,000 to a total of 199,000 for the week ending December 27.
- The four-week average of claims increased slightly to 218,750.
- The U.S. unemployment rate was 4.6% in November, the highest since 2021.
- A weak labor market is attributed to President Trump's tariff policies and reduced government staffing.
- The Federal Reserve cut interest rates for the third time this year to address job market concerns.
- The U.S. lost 105,000 jobs in October but gained back 64,000 jobs in November.
- Major companies like UPS, General Motors, Amazon, and Verizon announced job cuts recently.
