The U.S. Department of Labor has released a delayed jobs report, revealing a concerning trend in the labor market. The Bureau of Labor Statistics (BLS) reported that the economy lost 105,000 jobs in October and added only 64,000 jobs in November, falling short of forecasts that anticipated gains of 55,000 and 25,000, respectively. This downturn effectively negates the previously reported increase of 119,000 jobs in September.

The report indicates that October's job losses were significantly influenced by layoffs within the government sector, particularly as many federal employees who accepted a deferred resignation offer left the payrolls. Additionally, revisions to previous months' data have further exacerbated the situation, with August and September's job figures revised down by 22,000 and 11,000, respectively, resulting in a total of 33,000 fewer job gains than initially reported.

The unemployment rate has also risen, increasing from 4.4 percent in September to 4.6 percent in November, marking the highest level since September 2021. Notably, no unemployment rate was calculated for October due to data collection issues stemming from the recent government shutdown. This report underscores ongoing challenges in the labor market and raises questions about the effectiveness of current economic policies in addressing employment stability.