Job Market Worsening: Unemployment Rising and Low-Paid Jobs Increasing

The latest jobs report released by the Labor Department shows that unemployment is rising again in the United States. In October, only 150,000 jobs were added, down by half from the previous month and marking the second worst showing since the pandemic. More concerning is the fact that over one-third of the new jobs were government workers, who do not contribute to productivity. The majority of the remaining jobs were in education and healthcare, with almost 90% of healthcare jobs being low-paid positions. Meanwhile, manufacturing and trade sectors experienced job losses. The inflation is anticipated to increase as more people rely on government checks while few are actually producing goods.