Unemployment Rate Moves Higher
This monthly jobs report is based on delayed release of November data from the Bureau of Labor Statistics, following the recent federal government shutdown. The analysis reflects a comparison of November findings with September results. No data was published covering October results.
Jobs Growth
The economy added 64,000 new jobs in November, showing little net change since April.
Top Industries
The most significant gains in jobs growth came from the healthcare and construction sectors in November. [The current analysis does not reflect a cumulative loss in federal government employment of 162,000, representing furloughs announced earlier in the year.]
Unemployment
The unemployment rate rose in November, from 4.4% to 4.6%, its highest rate in 4 years.
Wages
In November, average hourly earnings increased by 0.1%, contributing to an increase of 3.5% over the past 12 months.
Work Week
November’s average workweek of 34.3 hours represents a slight increase over the previous report.
Temporary Job Trends
Employment of temporary workers continued to trend downward, showing a loss of 5,000 positions in November.
What Does It All Mean?
The long-awaited data from the Bureau of Labor Statistics, following the federal government shutdown, has not brightened holiday spirits as much as economists and employers might wish. Job creation, while positive, is in line with the muted results recorded over the whole of 2025 (especially in the past 6 months) when compared with recent years. That, in concert with an uptick in the unemployment rate and slow growth in overall compensation, signals a cooling labor market.
The latest jobs report is presented with a number of caveats relating to reliability, due to disrupted data collection and higher than usual standard errors, leading many economists to discount its impact. Suggesting the next report will tell more, the current data offers little evidence to dispel the sense of uncertainty that has prevailed over the past year. The Administration points to the first quarter of the coming year as a more reliable indicator of the positive outlook promised for the economy.
That said, there are two ways to view the current state: as the continuation of the “wait-and-see” mode that has characterized much of 2025 or as a platform for planning and promoting new growth in 2026. Standing still may be safe but not necessarily productive. Stretching beyond the status quo opens new vistas where innovation can not only thrive but provide an engine for growth. Underlying either direction is the strength of the workforce. Every employer should continuously take steps to ensure the right people are in the right jobs with the knowledge and tools needed to drive the organization forward.
Sources: Bureau of Labor Statistics, Staffing Industry Analysts, CNBC, CNN, Reuters, The Washington Post, The New York Times, Fast Company, FOX News, USA Today
