Unemployment in the US is at its highest in four years, reveals the latest jobs report. It rose from 4.4 per cent (in September) to 4.6 per cent (November).
The last time the joblessness rate was this high was reportedly in September of 2021 when it stood at 4.7 per cent.
While about 1.05 lakh jobs were lost in the month of October, 64,000 were added the following month, as per data shared by the Bureau of Labour Statistics, which is kind of confusing.
Although 64,000 jobs were added in November, the public sector saw major job losses, with government jobs being lost in big numbers. In fact, about 1.62 lakh jobs were lost in the government sector, as per reports. The dip in government jobs was primarily a result of people opting for buyouts offered by the federal administration and exiting voluntarily. Healthcare added 46,000 jobs, with 11,000 nursing jobs and residential care facilities. About 28,000 jobs were added in the construction space, while 18,000 jobs were reportedly lost in the transportation and warehousing space last month. The manufacturing sector also lost about 5,000 jobs.
Clearly, the number of employed people or job seekers is increasing faster than the number of jobs being made available in the US.
Additionally, the Census Bureau report reveals that retail sales in October were the lowest in five months.
