US unemployment rate hits four-year high

Thursday 18 December 2025

The US unemployment rate rose to a four-year high of 4.6% in November (survey: 4.5%).

The result marked the fifth consecutive monthly increase, reaching its highest level since 2021.

Non-farm payrolls rebounded modestly with 64,000 jobs added. This followed a decline of 105,000 jobs in October, largely due to a 162,000 reduction in federal workers following payroll cuts.

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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.