Time - The Bureau of Labor Statistics released its much-anticipated employment report on Tuesday, sending a rude awakening to the job market after the 43-day government shutdown delayed data collection and publication of the report.
The Bureau reported that the U.S. economy lost 105,000 jobs in October and recouped about 64,000 jobs in November. The unemployment rate also rose to a four-year high of 4.6% last month—up from 4.4% in September and 4% at the beginning of the year—the highest since September 2021, when the nation was still bouncing back from the COVID-19 pandemic lockdown.
Economists also note that the report showed that wages are growing at the lowest rate in years. Although Americans’ earnings are still outpacing inflation, average hourly earnings grew at an annual rate of 3.5% in November, whereas inflation grew at a 3% rate in September, marking the slowest pace since 2021.
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