Economists also note that the report showed that wages are growing at the lowest rate in years. Although Americans’ earnings are still outpacing inflation, average hourly earnings grew at an annual rate of 3.5% in November, whereas inflation grew at a 3% rate in September, marking the slowest pace since 2021.

President Donald Trump tried in a live speech Wednesday night from the White House to convince the American people that they are wrong to worry about the U.S. economy, saying any challenges are being repaired.