U.S. Unemployment Rate Climbs to Nearly Four-Year High

New data from the U.S. Bureau of Labor Statistics show the unemployment rate has risen sharply this year. The rate is now close to its highest point in nearly four years. The unemployment rate measures the share of people who want jobs but cannot find one.

The Bureau of Labor Statistics releases this report every month using surveys of households and employers. Economists watch the report closely because it offers one of the clearest pictures of the country's economic health. A rising unemployment rate can signal that businesses are hiring less or cutting jobs. It can also affect consumer confidence, since workers who fear layoffs often spend less money. Some economists point to slower hiring in manufacturing and technology as contributing factors. Others note that the labor market has been cooling gradually over the past year.

Federal officials have not announced new policy responses to the report. Analysts expect the Federal Reserve to weigh the numbers when deciding on interest rates. Workers in industries with higher job losses may feel the effects most directly. Families managing household budgets may notice changes in job security or wages. The next jobs report is expected to offer more clues about the trend. Until then, economists say it is too early to know if this is a lasting shift.