The US unemployment rate on Tuesday rose to its highest level since September 2021, the latest warning sign for the country’s labor market.
Even as the number of jobs added in November beat expectations, the 4.6% jobless rate underscored that the market is “undergoing a structural adjustment that may take several months to unfold,” one trader said.
But it likely won’t be enough to spur the US Federal Reserve to cut interest rates again in January, analysts said.
The White House, which is aiming to counter souring public sentiment about President Donald Trump’s economic agenda, cast the report as a positive, noting a gain in private-sector employment.
A new poll showed Trump’s economic approval rating fell to a 10-month low.
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