U.S. Unemployment Hits 4.6% as Economy Sheds 105,000 Jobs in October, Federal Workforce Cut by 162,000
Summary
U.S. unemployment climbs to 4.6% as the economy loses 105,000 jobs in October amid massive federal workforce cuts of 162,000 positions driven by Elon Musk's government efficiency program, while wage growth stagnates at just 0.1% in November.
Key Points
- The U.S. loses 105,000 jobs in October and adds only 64,000 jobs in November, with unemployment rising to 4.6%, the highest since September 2021
- Federal government employment drops sharply by 162,000 positions in October due to Elon Musk's Department of Government Efficiency program, contributing to 271,000 federal job losses this year
- Wage growth remains sluggish at just 0.1% in November, with annual earnings increases of 3.5% barely outpacing inflation and limiting consumer purchasing power