The delayed federal jobs report showed a net loss of 41,000 U.S. jobs over two months — a 105,000 drop in October followed by a 64,000 gain in November — pushing the unemployment rate to 4.6 percent, the highest since September 2021. Healthcare accounted for all net job growth this year, masking weakness elsewhere, while manufacturing shed jobs. The results raise political and policy questions as the Fed has cut rates and public approval of the president’s economic stewardship remains low.
Delayed Jobs Report: U.S. Lost 41,000 Positions Over Two Months, Raising Pressure on Trump’s Economic Record
Anna Moneymaker/Getty Images
President Donald Trump faced a political setback on Tuesday after a delayed federal jobs report showed the U.S. lost a net 41,000 positions over two months, with a sharp 105,000 decline in October followed by a more modest 64,000 gain in November.
Key Details
The data — postponed because of a government shutdown — paints a mixed picture. While November’s payrolls beat expectations, the October decline was the largest monthly loss since the economy was reeling from the coronavirus recession. Overall, the U.S. has seen very little net job growth since April.
The unemployment rate rose to 4.6 percent in November, up from 4.4 percent in September and the highest reading since September 2021. The report also showed roughly 700,000 more people were unemployed in November than one year earlier.
Sector Trends and Revisions
Healthcare accounted for all of the net job growth so far this year, masking weakness elsewhere. Indeed’s director of economic research, Laura Ullrich, warned that this concentration is “worrisome,” saying the healthcare sector’s gains could be pushing up overall unemployment while non-healthcare workers struggle to reenter the labor market.
The November jobs report released on December 16 signals the labor market has stalled under President Donald Trump. / Anna Moneymaker/Getty Images
Manufacturing continues to lose jobs month-to-month and is down about 58,000 year-to-date. The government also revised August and September payrolls downward by a combined 33,000 jobs.
“These figures paint a sobering picture of a job market that may officially be turning frigid after a prolonged cooling period,” said Laura Ullrich.
Political And Policy Context
The weak headline numbers carry political implications for the president. An AP‑NORC poll released last week found the president’s approval for his handling of the economy at 31 percent, while 68 percent of adults said the economy was in poor shape.
After the report’s release, White House economic adviser Kevin Hassett suggested that roughly 250,000 federal workers who accepted buyouts during the shutdown may have remained in the labor force and are now seeking civilian employment, which could be affecting the figures.
Last week the Federal Reserve cut interest rates by 0.25 percentage points — its third cut this year — and Fed Chair Jerome Powell cited a softening labor market among the factors behind the move, while warning of continued uncertainty ahead.
Bottom line: The job report underscores a cooling labor market in which gains are narrowly concentrated in healthcare, manufacturing continues to bleed jobs, and public confidence in the economy remains weak — all developments that complicate the administration’s economic messaging.
