Blog

Today marks the last jobs data release of 2024. The data show the economy grew steadily last month, building on years of strong gains. But while November’s numbers are largely good, they aren’t as impressive as they were a year ago: compared to November 2023, the overall unemployment rate is up while the share of people who are employed is down. A particular warning sign in this month’s data is the increase in unemployment for Black women, which jumped to 6 percent from 4.9 percent in October – their highest rate in more than two and a half years.

These data indicate that the strong labor market of the last few years – one in which women, disabled people and workers of color have seen historically low levels of unemployment and high levels of prime-age labor force participation, and wage inequality has shrunk – is slowing. And there are likely major risks ahead in 2025.

The incoming Trump administration has proposed a range of policies that could decimate this progress, including slashing the federal workforce (which employs 1.4 million women), deporting millions of immigrants and providing tax breaks to the ultra wealthy at the expense of programs essential for women and families’ economic security. These policies, in addition to being contrary to values of equality and freedom, could increase unemployment and inflation while reducing families’ economic security – all of which would harm women.

Trump’s proposals stand in sharp contrast to the Biden administration’s efforts to invest in unions, promote caregiving policies, protect pregnant workers and more – all to the benefit of workers, their families and the economy. And while the economy has not been perfect – despite slowing inflation, high prices on child care, groceries and more have made it hard to make ends meet for many families – the robust labor market of recent years is worth celebrating.

The painful impacts of Trump’s policy choices may be partly mitigated by crucial state policy choices that aim to protect reproductive rights, support immigrants and offer key family-supporting benefits such as paid leave. The economic harm would also be lessened by the fruition of Biden-era actions that will continue to grow the economy after he leaves office, such as the continued roll out of bipartisan infrastructure funding. But despite the many economically sound and forward-thinking policy choices introduced by the Biden administration and numerous states, Trump’s policy agenda is poised to move us backwards, not forwards, especially in states that take few protective measures.

Rather than reversing course, policymakers should build on recent progress to create an inclusive economy that works for everyone by doubling down on caregiving supports like child care and paid leave, centering women of color in policymaking, and more. Doing so would not only support individual families, it would also grow communities and improve the economy overall.

Read our full analysis on Twitter.

Open the full thread in a new window.

And on Bluesky.

Open the full thread in a new window.