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the century foundation
Trump Economy 'Stalling Out' as Unemployment Rate Hits Highest Level in 4 Years
"Trump may give himself an A++++ on the economy, but these latest jobs numbers are failing working families."
Dec 16, 2025
Federal data belatedly released Tuesday shows that the US unemployment rate rose to the highest level in four years last month as President Donald Trump's administration continues its assault on the government's workforce and American corporations lay off workers at a level not seen in decades.
The unemployment rate rose to 4.6% in November, up from 4.4% in September, according to the Labor Department report, whose release was delayed due to the recent government shutdown.
US employers added 64,000 jobs last month following the loss of 105,000 jobs in October, fueled by the Trump administration's large-scale layoffs of federal workers. The manufacturing sector, which Trump has promised to bolster with his tariff regime, shed 5,000 jobs in November, according to the newly published federal data.
Over the past six months, the US has averaged just 17,000 jobs added per month—a number that underscored concerns about the frailty of Trump's economy.
"Today’s long-awaited jobs report confirms what we already suspected: Trump’s economy is stalling out and American workers are paying the price," said Alex Jacquez, chief of policy and advocacy at the Groundwork Collaborative. "Far from sparking a manufacturing renaissance, Trump’s reckless trade agenda is bleeding working-class jobs, forcing layoffs, and raising prices for businesses and consumers alike. Trump may give himself an A++++ on the economy, but these latest jobs numbers are failing working families.”
Another notable trend in today's payroll release is the gradual slowdown in nominal wage growth. As the unemployment rate rises, workers struggle to find jobs and have less leverage when it comes to demand higher wages. Both indicate a slowdown in affordability for workers and their families.
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— Elise Gould (@elisegould.bsky.social) Dec 16, 2025 at 10:17 AM
The new figures were released after Trump kicked off a tour of battleground states in an effort to defend his economic policies, which voters—including many of the president's own—increasingly blame for driving up prices. Trump and White House officials have insisted, despite mounting evidence to the contrary, that the US economy is stronger than it's ever been.
Julie Su, a senior fellow at the Century Foundation and former acting head of the Labor Department, said Tuesday that "for months, Donald Trump and his administration have been hiding data about the economy, leaving workers and employers in the dark when trying to make critical hiring decisions."
"But you can’t hide the reality every American knows," said Su. "An economy where costs are too high for people to afford the basic necessities and also can’t find jobs is an economic crisis that requires massive change so that working people can actually come out on top."
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New Unemployment Claims Jump to Highest Level in Months as Trump Economy Teeters
"While President Trump calls affordability a ‘hoax,’ countless families are being forced into impossible tradeoffs every day."
Dec 11, 2025
Federal data released Thursday shows that the number of Americans filing for unemployment benefits surged last week, another indication of growing instability in President Donald Trump's economy as corporations lay off workers en masse and prices continue to rise.
For the week ending December 6, new unemployment claims jumped to 236,000—an increase of 44,000 from the previous week, according to figures from the US Labor Department.
Andrew Stettner, an unemployment insurance expert at The Century Foundation (TCF) noted that new unemployment claims are now at their highest level since early September.
"These totals don’t include an additional 12,732 former federal workers who are also now relying on unemployment benefits, as the number of federal workers on UI has stayed at levels not seen since the pandemic, even after the government shutdown has ended," Stettner said.
"This disappointing news comes on the heels of other troubling labor market data," he continued, pointing to private-sector payroll figures showing the US economy lost 32,000 jobs in November. "With hiring still so weak, it is no surprise that the percentage of workers feeling confident enough to quit their job dropped to its lowest level since the beginning of the pandemic in April 2020. In fact, our polling shows that 27% of Americans said they took on a 'second job, side hustle, or gig work' in the past year to help make ends meet."
The updated unemployment numbers come as Trump is on an economic messaging tour during which he has dismissed the notion that his policies have worsened the country's affordability crisis, calling such claims a Democratic "hoax" even as polling shows Americans—including a significant percentage of his own voters—increasingly blame the president for rising costs groceries and other necessities.
"We inherited the highest prices ever, and we’re bringing them down,” Trump said, falsely, during a stop in Pennsylvania earlier this week.
"We’re crushing it, and you’re getting much higher wages,” the president added, another falsehood.
Survey data released Thursday by The Century Foundation shows that Americans are increasingly skipping meals and doctor visits as prices rise.
"Roughly three in 10 voters delayed or skipped medical care in the past year due to cost, while nearly two-thirds switched to cheaper groceries or bought less food altogether," the group noted in a summary of its findings. "About half tapped into their savings to cover everyday expenses."
Julie Margetta Morgan, president of The Century Foundation, said in a statement that "while President Trump calls affordability a ‘hoax,’ countless families are being forced into impossible tradeoffs every day as a result of Trump’s disastrous policies that are jacking up prices."
"Working-class Americans are living in a different, harsher economy under Trump," Morgan added, "and they feel the impacts of financialization—and the added risks and costs that come with it—most severely."
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More Americans Fall Behind on Utility Bills as AI Data Centers, Trump Attacks on Renewables Raise Costs
"It’s hard to see utility bills coming down in this decade," said one industry analyst.
Nov 17, 2025
Although the rising cost of groceries has gotten a lot of attention in recent weeks, US consumers are also increasingly under pressure from the rising cost of electricity.
A new report from researchers at The Century Foundation and financial abuse watchdog Protect Borrowers has found that the average overdue balance on utility bills has surged by 32% over the last three years, going from $597 in 2022 to $789 in 2025. What's more, the report estimates that roughly 1 out of every 20 US households has utility debt that is "so severe it was sent to collections or in arrears."
The increase in overdue utility bill debt has come at a time when electricity costs have been growing significantly faster than the overall rate of inflation, the organizations found.
"Comparing twelve-month moving averages from March 2022 to June 2025 (to adjust for seasonality), monthly energy costs... nationwide rose from $196 to $265—a 35% jump, or nearly three times overall inflation during that period," noted the report.
The organizations said that the reasons for these price increases are complicated, although factors include "poorly regulated monopolies overcharging customers to the tune of $5 billion a year," as well as the explosion in the construction of energy-devouring artificial intelligence data centers and the Trump administration's attacks on renewable energy projects that began under former President Joe Biden's administration.
AI data center construction has become a major controversy in communities across the US, and a CNBC analysis published late last week found that "in at least three states with high concentrations of data centers," electric bills have grown "much faster than the national average" over the last year.
Virginia, which has the highest concentration of AI data centers in the country, saw electricity prices surge by 13% over the last year, while data center-heavy states such as Illinois and Ohio saw electricity costs go up by 16% and 12%, respectively.
Rob Gramlich, president of power sector consulting firm Grid Strategies, told CNBC that the massive growth in data centers means that "it’s hard to see utility bills coming down in this decade."
The Century Foundation and Protect Borrowers conclude that their report paints "a grim picture" of "increasing energy prices, rising overdue balances, and squeezed household budgets that together are pushing families deeper and deeper into debt."
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