The latest U.S. labor market data, released in mid-December 2025 by the Bureau of Labor Statistics (BLS), reflects a cooling economy heavily impacted by a recent 43-day federal government shutdown.
Core Employment Numbers (Nov 2025)
The November report, delayed by the shutdown, showed a modest recovery in job growth but a notable rise in the unemployment rate.
Nonfarm Payrolls: +64,000 jobs (surpassing the 40,000 forecast).
Unemployment Rate: 4.6% (up from 4.4% in September, hitting a 4-year high).
October Job Loss: An estimated 105,000 jobs were lost in October (data for October was incomplete due to the shutdown).
Labor Force Participation: Remained steady at 62.5%.
Key Economic Trends to Watch
The "Shutdown Asterisk": The BLS has warned that data for October and November should be viewed with skepticism. The household survey for October was entirely skipped, meaning several metrics (like the October unemployment rate) are missing.
Wage Growth: Average hourly earnings rose only 0.1% in November, below the 0.3% estimate. Year-over-year wage growth stands at 3.5%.
Underemployment: The number of people working part-time for economic reasons (those who want full-time work but can't find it) spiked by 909,000 since September.
Consumer Sentiment: Following the report, consumer confidence dropped to 89.1 in December, as households expressed growing concern over job availability and income prospects for 2026.