The Bureau of Labor Statistics has released its November 2025 Report, following a delay caused by the federal government shutdown. As a result, September and October reports were not published, and much of the analysis below reflects changes from September to November, rather than month-over-month comparisons.
Here’s what the latest data tells us about the labor market:
The great news is:
- Healthcare hiring remains strong: +46,000 jobs in November, consistent with the average monthly gain over the past year. Growth was seen across ambulatory care (+24,000), hospitals (+11,000), and nursing/residential care facilities (+11,000).
- Construction rebounded: +28,000 jobs added, led by nonresidential specialty trade contractors (+19,000).
- Social assistance continues to grow: +18,000 jobs, primarily in individual and family services (+13,000).
- Wages continue to rise: Average hourly earnings increased $0.05 (+0.1%) to $36.86 and are up 3.5% year over year.
The good news is:
- Unemployment relatively stable: The unemployment rate held at 4.6%, little changed from September, though slightly higher than a year ago (4.2%).
- Labor force participation steady: Participation rose modestly to 62.5%, while the employment-population ratio remained unchanged at 59.6%.
- Workweek edged up: Average hours worked increased slightly to 34.3 hours, suggesting employers are maintaining current staffing levels rather than expanding headcount.
The bad news is:
- Overall job growth remains sluggish: Total nonfarm payrolls increased by just +64,000, continuing a trend of minimal net job growth since April.
- Federal government job losses continue: Federal employment fell by another -6,000 in November and is down 271,000 since January, largely tied to deferred resignations and budget pressures.
- Transportation and warehousing declined: -18,000 jobs in November, with continued losses since peaking earlier this year.
- More workers stuck in part-time roles: The number of people working part time for economic reasons jumped to 5.5 million, up 909,000 since September, signaling underemployment concerns.
- Short-term unemployment increased: Those unemployed for less than five weeks rose by 316,000, suggesting higher churn without strong hiring follow-through.
Final Takeaway
The November 2025 jobs report paints a picture of a labor market that is holding steady but struggling to regain momentum. Healthcare, construction, and social assistance continue to be reliable sources of job growth, while wage gains persist at a modest pace. However, weak overall employment growth, continued federal job losses, rising underemployment, and limited participation gains point to a labor market that remains cautious.
For employers, this environment reinforces the importance of making better hiring decisions, prioritizing retention, role fit, and long-term performance as competition for qualified talent remains high amid slower hiring activity.