U.S. Job Market Shows Resilience Amid Economic Challenges

November saw a rebound in U.S. job growth, with an increase of 64,000 nonfarm payrolls, despite previous disruptions from government shutdowns and trade policies. The unemployment rate stood at 4.6%, but methodological changes due to data collection issues affected its accuracy. Consumer spending remains a key economic driver.

In November, U.S. job growth exceeded expectations as nonfarm payrolls rose by 64,000. The increase comes after October's figures were affected by government spending cuts, which led to job losses. However, economists caution that the unemployment rate data, currently at 4.6%, may be skewed due to shutdown-related methodology changes.

The adjusted statistics drew attention from Federal Reserve officials, who recently cut interest rates but indicated a pause in further reductions pending clearer labor market insights. Job growth stagnation since April reflects companies' caution amid President Trump's trade policies, impacting consumer behavior and economic stability.

Despite these fluctuations, consumer spending continued to underpin GDP growth. Higher-income households are propelling discretionary spending, creating economic disparity, while lower-income groups face purchasing challenges. Retail sales data reveals a mixed picture, although core components align with GDP's upward trajectory.

(With inputs from agencies.)