WSJ What’s News U.S. Unemployment Rises to Highest Level Since 2021
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Dec 16, 2025 
Join Jonathan Weil, a Heard-on columnist focusing on financial analysis, and Kim Mackrael, a Brussels-based reporter covering European regulations. They dive into the recent uptick in U.S. unemployment and the implications for the economy and the Fed. Weil highlights troubling trends in IPO scams following eased regulations under the JOBS Act. Meanwhile, Mackrael discusses the EU's surprising decision to relax its ban on combustion-engine car sales, revealing the complexities of transitioning to electric vehicles in Europe.
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Labor Market Hits A Mushy Middle
- The U.S. unemployment rate rose to 4.6% in November, its highest level in over four years.
- The jobs report is neither awful nor great, leaving the labor market in a "mushy middle" without clear direction for Fed rate cuts.
Jobs Data Won't Move Fed Rates Much
- The jobs report isn't seen as signaling big changes to the Federal Reserve's thinking on rate cuts.
- Market odds for a January rate cut remained around 25% after the report, per CME Group data.
Easier IPOs Can Invite Scams
- Looser listing rules for smaller firms can revive IPOs but also raise fraud risks by reducing oversight.
- The SEC's push to expand JOBS Act exemptions coincided with a spike in trading suspensions among emerging growth companies.