"Both the October and November job creation numbers, released Tuesday by the Labor Department, came in late because of the 43-day federal government shutdown. The November job gains came in higher than the 40,000 economists had forecast. The October job losses were caused by a 162,000 drop in federal workers, many of whom resigned at the end of fiscal year 2025 on Sept. 30 under pressure from billionaire Elon Musk's purge of U.S. government payrolls."
"Workers' average hourly earnings rose just 0.1% from October, the smallest gain since August 2023. Compared to a year earlier, pay was up 3.5%, the lowest since May 2021. Healthcare employers added more than 46,000 jobs in November, accounting for more than two-thirds of the 69,000 private sector jobs created last month. Construction companies added 28,000 jobs. Manufacturing shed jobs for the seventh straight month, losing 5,000 jobs in November."
"Hiring has clearly lost momentum, hobbled by uncertainty over President Donald Trump's tariffs and the lingering effects of the high interest rates the Federal Reserve engineered in 2022 and 2023 to rein in an outburst of inflation. American companies are mostly holding onto the employees they have. But they're reluctant to hire new ones as they struggle to assess how to use artificial intelligence and how to adjust to Trump's unpredictable policies, especially his double-digit taxes on imports from around the world."
U.S. payrolls increased by 64,000 in November following a 105,000 decline in October, and the unemployment rate rose to 4.6%, the highest since 2021. The October loss reflected a 162,000 drop in federal workers tied to resignations at fiscal year-end amid a purge of government payrolls. Revisions cut August and September payrolls by 33,000. Average hourly earnings rose 0.1% month-over-month and 3.5% year-over-year, the weakest annual gain since May 2021. Healthcare and construction drove most November private-sector gains, while manufacturing lost jobs for the seventh consecutive month. Hiring momentum has weakened amid tariff uncertainty and past interest-rate hikes.
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