Tuesday's jobs data confirmed the worst. US employers added just 64,000 positions in November.
Unemployment surged to 4.6%, the highest since September 2021.
October payrolls were revised to show a loss of 105,000 jobs.
That's the worst month since pandemic lockdowns.
Combined October and November employment shows a net loss of 41,000 positions. (1/4)
The Dow fell 302 points or 0.6% Tuesday to 48,115. The S&P 500 dropped 0.2% to 6,800 for its third straight decline. The Nasdaq gained 0.23% to 23,111.
Healthcare added 46,000 of November's 64,000 total jobs. That's over 70% of growth from one sector. Transportation and warehousing cut 18,000 positions.
August and September payrolls were revised down by a combined 33,000. Four consecutive months of downward revisions prove systematic overestimation of job growth. (2/4)
The broader U-6 unemployment measure hit 8.7%. That's the highest since August 2021. This counts discouraged workers and part time employees who want full time work.
Oil dropped to nearly five year lows on demand concerns before bouncing on Venezuela supply disruptions.
Markets await the Fed's policy statement Wednesday.
They already cut to 3.50% through 3.75% last week. But they signaled only one 2026 cut when markets expected three or four. (3/4)
The U-6 rate, often called the "broader underemployment rate" or "real unemployment rate" by some analysts, is one of six alternative measures of labor underutilization published monthly by the U.S. Bureau of Labor Statistics (BLS). It is the most comprehensive of these measures and provides a fuller picture of labor market slack compared to the headline unemployment rate.
Henrik Ekenberg