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'A hiring recession': Trump's tariffs devastate job market
The unemployment rate rose to 4.6%, the Bureau of Labor Statistics announced
on Tuesday, the highest level since September 2021 when the economy was still
recovering from massive COVID-19 job losses.
The 4.6% unemployment rate is higher than the 4.5% the Federal Reserve Bank
predicted it would peak at this year, and marks yet another troubling sign for
the economy that President Donald Trump has crippled with his nonsensical
tariffs.
The unemployment rate is worse for specific subsets of the population. Black
workers have an 8.3% unemployment rate—a whopping 2 percentage point increase
since January, when Trump entered office. Roughly 800,000 fewer Black workers
were employed in November than they were in November a year prior.
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Ultimately, the economy added just 64,000 jobs since September. However, the
economy lost 105,000 jobs one month prior, meaning job growth was actually
negative over the last two months.
“The US economy is in a hiring recession,” Heather Long, chief economist at
the Navy Federal Credit Union, wrote in a post on X. “Almost no jobs have been
added since April. Wage gains are slowing. 710,000 more people are unemployed
now versus November 2024.”
Long blamed the hiring recession on “a combination of tariff impacts, AI, and
cost cutting.Americans are feeling it.”
Even worse is that the BLS said nearly 1 million people are underemployed,
working part-time jobs for economic reasons because they cannot find full-time
work.
With a jobs report like this, it's no wonder Americans have negative feelings
about the economy.
Layoffs have picked up in recent months, as companies contract due in part to
Trump’s tariffs and the economic uncertainty they’ve unleashed. And prices are
continuing to trend up, no matter how much Trump wants to claim that he’s
brought costs down.
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It’s why Trump’s approval rating has plummeted over the past month, with
voters voicing their discontent in a series of elections in which Democrats
vastly overperformed their 2024 margins and even flipped seats that had been
long held by the GOP.
Republicans have begged Trump to take the economic concerns seriously.
However, Trump has not heeded their calls, instead telling Americans they
should simply buy fewer items if they can’t afford them.
“You can give up certain products. You can give up pencils. That’s under the
China policy, you know every child can get 37 pencils—they only need one or
two, you know they don’t need that many,” Trump said, adding, “You don’t need
37 dolls for your daughter, two or three is nice, but you don’t need 37 dolls.”
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