US jobs report: payrolls rise 64,000 in November, unemployment hits 4.6%

Employment Data - US employers added 64,000 jobs in November, exceeding economists' expectations of a gain of 50,000 [1] - The unemployment rate rose to 4.6%, up from 4.2% a year earlier [1] - The increase in nonfarm payrolls followed a revised decline of 105,000 in October after a surprise increase of 119,000 in September [1] Sector Performance - Job gains in November were concentrated in health care and construction sectors [6] - Health care employment rose by 46,000, consistent with its average monthly growth over the past year [7] - Construction employment increased by 28,000, primarily driven by nonresidential specialty trade contractors [7] - Social assistance employment added 18,000 jobs, mainly in individual and family services [8] Unemployment Trends - Teenagers experienced a notable increase in joblessness, with the unemployment rate rising to 16.3% [4] - Short-term unemployment climbed by 316,000 to 2.5 million, while long-term unemployment remained stable at 1.9 million [5] Economic Indicators - Retail sales were unchanged in October, indicating a cooling in consumer spending [11] - The flat retail sales figure follows a modest 0.1% increase in September, highlighting a moderation in demand compared to earlier in the year [12] - Monthly retail sales growth averaged around 0.5% through much of 2024, suggesting a slowdown in economic growth [12] Labour Market Dynamics - Labour supply growth has slowed, contributing to the unemployment rate not rising more sharply despite softened labour demand [9] - Policies targeting immigration have reduced the number of job seekers, easing pressure on employers to expand hiring [9] - The combination of muted job growth, a rising jobless rate, and data uncertainty presents a complex picture for policymakers [10]