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2025-12-16 21:37:18
[The Truth About Emerging Jobs: The US Labor Market in a Slow-Paced State] ⑴ A delayed government report showed that the US added 64,000 non-farm jobs in November, while October's figure was revised to a decrease of 105,000. ⑵ The unemployment rate rose to 4.6% in November, higher than the market expectation of 4.5% and also higher than September's 4.4%. ⑶ The report provides new clues to the recent significant cooling of the job market, revealing that companies are suppressing hiring due to inflation, uncertainty surrounding Trump's tariff rhetoric, and tightening immigration policies. ⑷ Economists describe the current environment as one of "low turnover, low hiring," where companies are neither laying off large numbers of employees nor creating many new positions, partly due to hopes for artificial intelligence to replace them. ⑸ These data will be an important reference for the Federal Reserve's interest rate meeting in late January, with the cooling job market being the main reason for its decision to cut interest rates last week. ⑹ However, the Federal Reserve Chairman had previously warned that due to disruptions in data collection, officials would review the data with "a slightly skeptical eye." (7) He also pointed out that official statistics may overestimate by as many as 60,000 jobs per month, meaning that actual employment in the United States may have decreased by 20,000 per month since April. (8) The potential risks of data revision and the limitations of statistical methods have increased the complexity and uncertainty of the market's interpretation of future employment reports.
