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Last week, we learned that the US unemployment rate rose to a four-year high of 4.6% in November, beating analysts’ expectations of 4.5%.
The result marked the fifth consecutive monthly increase in unemployment, which reached its highest level since 2021.
Average monthly job creation since March declined to 35,000, down from 71,000 a year earlier. The 3-month average total job growth stood at just 22,000.
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.