#美国失业率升至 4.6%. The unemployment rate in the U.S. rose to 4.6% in November (the highest since October 2021), with approximately 7.83 million unemployed and a labor participation rate of 62.5%. Key points overview:

- 📊 Data source: U.S. Bureau of Labor Statistics released on December 16 (October unemployment rate not released due to government shutdown).

- 👥 Employment and structure: 64,000 non-farm jobs added in November (primarily in healthcare, construction, and social assistance), with a decrease of 105,000 in October; transportation and warehousing, federal government positions decreased month-on-month.

- 📈 Market impact: Strengthened expectations for the Federal Reserve to cut interest rates in 2026, U.S. Treasury prices rose, the dollar weakened, and risk assets showed short-term strength.

- ⚠️ Key observation: The rising unemployment rate combined with a slight increase in labor participation rate is partly due to the labor force returning to the market; the share of long-term unemployment is 24.3%, and wages increased only by 0.1% month-on-month, indicating a cooling job market and slowing demand.