The United States saw a gain of **64,000 jobs** in November, following a loss of **105,000 jobs** in October, according to the Labor Department’s recent report. This increase, while positive, occurred against a backdrop of rising unemployment, which has climbed to **4.6%**, marking the highest rate since **2021**. The delayed report, influenced by a **43-day federal government shutdown**, reflects the ongoing challenges faced by the economy, including federal workforce reductions linked to policies from the Trump administration.
In addition to job creation figures, the report highlights a noticeable deceleration in hiring activity. Factors contributing to this slowdown include uncertainty surrounding President **Donald Trump**’s tariffs and the impact of high interest rates implemented by the Federal Reserve in **2022** and **2023**, aimed at controlling inflation. As the economy grapples with these pressures, the retail sector has also reported mixed results.
Consumers are experiencing higher prices for holiday gifts, as indicated by a December poll from the **Associated Press-NORC Center for Public Affairs Research**. Many have attributed the increase to elevated import taxes imposed during Trump’s administration. Despite fears of severe impacts from these trade policies, the most dire predictions have not fully materialized. However, items such as toys and electronics, which predominantly come from **China**, have seen price hikes, alongside rising jewelry costs due to fluctuations in gold prices.
Retail sales data for October revealed stagnation, remaining unchanged from September levels. The **Commerce Department** reported that this flat performance was exacerbated by a **1.6%** decline in auto sales, a consequence of the expiration of subsidies that had previously boosted demand for electric vehicles (EVs). Excluding the automotive sector, retail sales showed a modest increase of **0.4%**. The report’s release was notably delayed due to the federal shutdown, and overall spending figures fell short of economists’ expectations.
In a significant shift, **Ford Motor Co.** announced it would be scaling back its ambitious electric vehicle initiatives due to financial losses and decreasing consumer demand. The company will cease production of the fully electric **F-150 Lightning** pickup truck, focusing instead on more efficient gasoline engines and hybrid models. This decision reflects broader concerns within the automotive industry regarding the viability of EVs in the current market.
The U.S. stock market responded to these mixed economic signals with a downward drift. The **S&P 500** fell **0.4%**, while the **Dow Jones Industrial Average** dropped by **220 points**. Amidst this fluctuation, Treasury yields eased slightly after the release of the jobs and retail sales reports, which provided little clarity on the Federal Reserve’s potential actions regarding interest rates in the coming year.
In philanthropic news, **Phil Knight**, co-founder of **Nike**, and his wife, **Penny**, topped the **Chronicle of Philanthropy**’s list of the largest charitable donations for **2025** with a staggering **$2 billion** gift to the **Oregon Health & Science University**. This contribution represents nearly **40%** of the total **$5 billion** in donations recorded. Other notable gifts include **Warren Buffett**’s **$746.7 million** and a **$500 million** pledge from the parents of Amazon founder **Jeff Bezos**.
In international affairs, European Union envoys are working on a plan to utilize frozen Russian assets to secure a substantial loan for Ukraine, which will be a primary focus at the upcoming EU summit. The **International Monetary Fund** estimates that Ukraine will require **€135 billion** in support. Two main options are currently being considered: a reparations loan backed by these assets or seeking funds from financial markets.
In health news, the U.S. Food and Drug Administration has expanded the approval of the libido-enhancing drug **Addyi** for women up to **65 years** old who have gone through menopause. This approval marks a significant shift in treatment options for sexual health, although the drug has not achieved blockbuster sales since its initial release.
Finally, automaker **Volkswagen** is making a substantial investment of **$3.5 billion** in a new research and development center in **Hefei, China**. This strategic move aims to tailor vehicles specifically for the Chinese market, which has seen electric vehicles account for roughly half of new car sales. Volkswagen plans to collaborate with local EV manufacturer **Xpeng** to accelerate its development efforts and regain market share in an increasingly competitive landscape.
