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The Progressive

NewsWire

A project of Common Dreams

For Immediate Release
Contact: Peter Hart, hart@cepr.net

Jobs Report Reveals Continued Weakening of the Labor Market

In response to today’s jobs report, Center for Economic and Policy Research Senior Economist Dean Baker released the following statement:

“The labor market continued to weaken in November. The unemployment rate rose to 4.6 percent, the highest level since September 2021.The economy generated just 64,000 jobs in the last two months, all of them in healthcare. And wage growth fell to 3.5 percent over the last year, only slightly higher than the rate of inflation. The unemployment rate for Black workers rose to 8.6 percent, the highest since August of 2021. This a story of the continued weakening of the labor market that we have seen since early this year.”

The Center for Economic and Policy Research (CEPR) was established in 1999 to promote democratic debate on the most important economic and social issues that affect people's lives. In order for citizens to effectively exercise their voices in a democracy, they should be informed about the problems and choices that they face. CEPR is committed to presenting issues in an accurate and understandable manner, so that the public is better prepared to choose among the various policy options.

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