America suffers a major setback on the unemployment front, breaking a 4-year record
Following the end of the shutdown, the US government released employment data for two consecutive months. This revealed the highest unemployment rate in the US in four years. Let us explain what kind of data the US government has released.
While India has seen a record decline in the unemployment rate, the US has suffered a major setback. Unemployment in the US has broken a four-year record.
The US has seen the highest unemployment in four years. The government has released employment data very late. The government has released data for two months simultaneously.
While employment increased in November, a significant decline was seen in October. Let us also tell you what kind of data has been released by the US government.
Highest unemployment after 2021
The US government, in a delayed employment report, revealed that 64,000 jobs were added in November, while 1.05 lakh jobs were lost in October. The decline in jobs in October was due to a reduction in the number of federal employees following the Trump administration's cuts.
The unemployment rate in the US rose to 4.6 percent, the highest level since 2021. The Labor Department released employment figures for both October and November on Tuesday. These figures were delayed due to the 43-day shutdown in the US, i.e., the closure of government work.
This was estimated
Economists had expected a 40,000 increase in jobs in November. The actual figures were better than expected. The decline in October was primarily due to a 162,000 decrease in the number of federal employees. The Labor Department's revised estimates for payrolls for August and September also showed a reduction of 33,000 jobs.
US stock market falls
Following the release of employment data, the US stock market is trading lower. The Nasdaq Composite is trading down 27.14 points at 23,030.27. The Nasdaq also hit its lowest level of the day at 22,935.41 points during the trading session.
Meanwhile, the Dow Jones Industrial Average is down 0.25 percent and trading at 48,293.36 points. The Dow also reached 48,113.66 points during the trading session.
The S&P 500 is also trading lower. According to the data, it is trading at 6,796.60 points, down 0.29 percent. The S&P 500 was seen trading at 6,773.23 points during the trading session.
United States of America