U.S. added 64,000 jobs in November, with unemployment rate jumping to four-year high of 4.6%

AI Summary3 min read

TL;DR

U.S. added 64,000 jobs in November, beating estimates, but unemployment rose to 4.6%—a four-year high. October saw a 105,000 job loss, partly due to government shutdown delays, indicating a softening labor market.

Key Takeaways

•November job growth of 64,000 exceeded expectations of 50,000, but unemployment rose to 4.6%, the highest in four years.
•October employment fell by 105,000, contrasting with September's 119,000 gain, with the decline influenced by the government shutdown.
•The reports suggest a modestly weaker employment picture than anticipated, with markets adjusting slightly post-release.
•Bitcoin and U.S. stock futures showed minor volatility following the data, while Fed rate expectations remained unchanged.
•The labor market appears to be softening as delayed reports from the shutdown are processed.

Tags

U.S. jobs reportunemployment ratelabor marketgovernment shutdowneconomic data

Sign saying "Now Hiring" sits on a lawn.

What to know:

The U.S. added 64,000 jobs in November, while the unemployment rate rose to 4.6%.
As for October, employment fell by 105,000 versus 119,000 jobs added in September.
Both reports had been delayed to the U.S. government shutdown.

The U.S. added 64,000 jobs in November, while the unemployment rate rose to 4.6%.
As for October, employment fell by 105,000 versus 119,000 jobs added in September.
Both reports had been delayed to the U.S. government shutdown.

The U.S. labor market appears to have continued to soften in recent months as the government caught up to reports that had been delayed due to the shutdown in D.C.

Nonfarm payrolls rose by 64,000 in November, according to a Tuesday morning report from the Bureau of Labor Statistics. Economist estimates had been for jobs growth of 50,000.

The November unemployment rate rose to a four-year high of 4.6%, versus expectations of 4.4% and 4.4% in September.

For October, the economy saw jobs decline by 105,000 versus 119,000 added in September. The negative October print, however, was surely influenced by the government shutdown.

Taken together, the reports paint at least a modestly weaker picture of the employment situation than had been expected.

The price of bitcoin BTC$87,519.76 gave back some of its small overnight gains in the minutes following the report, dipping to $87,000. U.S. stock index futures swung from small gains to small losses and the 10-year Treasury yield was steady at 4.17%.

Ahead of the data, markets were pricing in a 75% probability that the Federal Reserve would hold rates steady at its January meeting. Those odds remained the same shortly following the release.

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