The situation in the US labor market has seriously worsened recently. This was reported by Zamin.uz.
According to new data released by the Bureau of Labor Statistics (BLS), the unemployment rate reached 4.6 percent in November, marking the highest level in the last four years. CNN analysts emphasize that this situation is negatively affecting economic stability and public health.
The report states that only 64 thousand new jobs were created nationwide in November. Although this figure is slightly better than forecasts, the loss of 105 thousand jobs in October indicates that economic growth rates continue to decline.
Due to strikes and temporary shutdowns in the federal government, complete data for October was not released, but the November figures confirm that the situation has further deteriorated. Experts believe that the US economy has entered a phase called an "unemployment recession."
Heather Long, chief economist at Navy Federal Credit Union, notes that new job openings have significantly decreased over the past three months. Growth is only observed in the healthcare and construction sectors, while declines continue in other areas of the economy.
The rise in unemployment has seriously affected vulnerable groups, particularly Black workers. According to data, the unemployment rate among Black workers has reached 8.3 percent.
Analysts point out that this situation has been caused by tariff policies implemented by the Donald Trump administration and measures to reduce federal state expenditures. Additionally, job cuts in federal agencies have also negatively impacted the situation.
By September, 162 thousand jobs had been eliminated in the federal sector. Interestingly, while unemployment is rising in the US, it has been reported that the unemployment rate in Russia has reached a historic low.
Russian President Vladimir Putin specifically addressed this during an economic meeting.
