WASHINGTON—U.S. employers added 64,000 jobs in November, beating economists’ forecasts, according to new government data, though revised figures showed the economy lost 105,000 jobs in October—signaling continued strain in the labor market.
The unemployment rate rose to 4.6% in November, the highest level since September 2021.
America’s Credit Unions Senior Economist Dawit Kebede said the combined October and November data point to a broader weakening trend.
“The jobs gain report for October and November reveals a continuation of the weakening trend in the labor market, with unemployment rising two percentage points and October showing sharp declines due to DOGE cuts, despite modest gains in November,” Kebede said. “Additional signs of broader challenges to the labor market include concentration of job gains in only a few private sector industries and downward revisions of prior month reports.”
Kebede warned that continued deterioration could have implications for monetary policy.
“If this deterioration continues in upcoming reports, the Federal Reserve may need to reconsider its hawkish stance planned for 2026,” he said.