Overview
- Earlier months were marked down, with October’s loss now 173,000 and November’s gain 56,000, underscoring a weaker late‑2025 trend.
- Payrolls grew by about 584,000 in 2025 versus 2.0 million in 2024, the softest annual increase since the pandemic.
- The household survey showed a 232,000 rise in employment as labor force participation edged down to 62.4%, highlighting diverging signals.
- Leisure and hospitality, health care and social assistance added jobs, while retail and parts of manufacturing contracted; average hourly earnings rose 0.3% on the month and 3.8% year over year.
- The BLS flagged changes to its birth‑death model starting in January and an upcoming benchmark revision, as markets lean toward the Fed holding rates at its next meeting.