US unemployment rises further, hovering at highest since 2021

US unemployment rises further, hovering at highest since 2021

Official data released on Tuesday showed that unemployment climbed to 4.6% in November from 4.4% in September.

There was no October jobless rate as officials were unable to retroactively collect data after the US government shutdown. (EPA Images pic)
WASHINGTON:
The US jobless rate picked up again in November, hovering at its highest level in four years, official data showed Tuesday in a report underscoring a labour market cooldown in the world’s biggest economy.

The report, delayed by a lengthy government shutdown, also showed that the US economy lost 105,000 jobs in October.

Hiring picked up again in November to 64,000, but this was still a slower pace than before, according to the Labor Department figures.

“Employment rose in health care and construction in November, while federal government continued to lose jobs,” the department said.

There was a sharp decline of 162,000 federal jobs in October, “as some federal employees who accepted a deferred resignation offer came off federal payrolls,” the report added.

In November, unemployment climbed to 4.6% from 4.4% in September.

There was no October jobless rate as officials were unable to retroactively collect data after the shutdown, which lasted till Nov 12.

The figures will be closely scrutinised for their potential bearing on US interest rates.

The Federal Reserve has slashed rates three times in a row this year as employment weakened, but hinted that the bar is likely higher for further cuts ahead.

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