US job growth sees modest rise in November, unemployment climbs to 4.6%
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The news: US job growth remained sluggish in November with the unemployment rate rising to a four-year high, indicating continued labour market cooling.
The numbers: The data release by the Bureau of Labor Statistics on Tuesday saw nonfarm payrolls increase 64,000 in November after falling by 105,000 in October.
The US unemployment rate was 4.6% in November, a rise on September’s 4.4% rate.
Economists polled by the Wall Street Journal had expected a gain of 45,000 jobs in November, and a 4.5% unemployment rate.
The context: The government agency had to forgo publishing an October jobless rate as it was unable to collect that data retroactively after the US government shutdown.
Federal-government employment continued to decrease in November, down by 6,000 jobs, following a sharp loss of 162,000 federal jobs in October as some federal employees who accepted a deferred resignation offer came off federal payrolls. US federal-government employment is down by 271,000 since January.
The US Federal Reserve lowered interest rates for the third consecutive meeting last week, with chair Jerome Powell flagging a “gradually cooling” labour market with “significant” downside risks.
Meanwhile, US retail sales remained little changed in October according to data released Tuesday by the Commerce Department. The value of retail purchases, not adjusted for inflation, was effectively unchanged after a revised 0.1% gain in September. The delayed report showed that excluding auto dealers and gasoline service stations, sales increased 0.5%.
The sources: Bureau of Labor Statistics, US Commerce Department, WSJ
