The US nonfarm payroll report for November 2025 was released on December 16, 2025, reporting that the economy added 64,000 jobs, a figure above the consensus forecast of 50,000. However, this gain followed a significant downward revision for October, which saw a net loss of 105,000 jobs.
Key Metrics for November 2025
Nonfarm Payrolls: The economy added 64,000 jobs, which was better than the expected 50,000 increase but still points to a cooling labor market, especially considering the revised October decline.
Unemployment Rate: The rate rose to 4.6%, up from 4.4% in September, reaching its highest level since September 2021. The consensus forecast was 4.5%.
Average Hourly Earnings: Wages increased by a modest 0.1% month-over-month, below the 0.3% forecast. Over the past 12 months, average hourly earnings have increased by 3.5%.
Labor Force Participation Rate: This rate ticked up slightly to 62.5%.
Average Workweek: The average workweek edged up by 0.1 hour to 34.3 hours.
Industry Breakdown
Job gains were concentrated in specific sectors, while others saw declines:
Health care added 46,000 jobs.
Construction added 28,000 jobs.
Social assistance added 18,000 jobs.
Federal government employment declined by 6,000 in November, following a larger loss of 162,000 in October due to deferred buyouts.
Employment in transportation and warehousing fell by 18,000.
Revisions to Previous Months
Employment figures for prior months were also revised downwards:
August was revised down by 22,000, to a loss of 26,000 jobs.
September was revised down by 11,000, to a gain of 108,000 jobs.
The data for October was not fully collected or reported in some metrics due to a government shutdown.
Market Reaction and Interpretation
The report presented a mixed picture, confirming a general slowdown in the labor market. While November's job growth exceeded expectations, the broader context of significant prior revisions, rising unemployment, and slowing wage growth suggests increasing labor market slack. This has led to speculation that the Federal Reserve may consider further interest rate cuts in the new year.
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