US Unemployment Rate Rises to 4.6% with 64,000 Jobs Added in November

Job Market Overview: In November, the economy added 64,000 jobs, but the unemployment rate rose to 4.6%, with notable job gains in healthcare and construction, while federal employment continued to decline.

Unemployment Statistics: The BLS reported 7.8 million unemployed individuals, with a jobless rate of 16.3% for teenagers and varying rates across racial groups, while short-term joblessness increased significantly.

Labor Force Participation: The labor force participation rate remained at 62.5%, with 5.5 million part-time workers seeking full-time jobs and 6.1 million individuals wanting work but not counted as unemployed.

Federal Reserve and Economic Outlook: Treasury Secretary Scott Bessent indicated that President Trump is expected to appoint a new Fed chair by January 1, while projecting significant tax refunds and GDP growth of 3.5% for the year.