Overview
- Official data show a 0.1% monthly drop in November, driven by a 16% slide in hiring that outpaced a 7% fall in separations.
- Construction contracted for a fifth straight month (-1.5%), manufacturing edged down (-0.2%), while commerce, restaurants and hotels posted a second month of growth and now sit 0.4% above the 2025 average.
- Employment at large companies (200+ workers) fell 0.1% and has not grown for 12 months; small and mid-sized firms showed no change in November.
- CEPA’s analysis of SRT records finds 21,046 net employer exits and 272,607 registered jobs lost between November 2023 and October 2025.
- Nearly all closures were among SMEs (99.63%), yet large employers accounted for 66.8% of job losses, with the steepest absolute cuts in public administration, construction and manufacturing.