November Payrolls Rebound After Declining in October; Jobless Rate Hits Highest Since 2021

10:44 AM EST, 12/16/2025 (MT Newswires) -- Job growth rebounded in November after payrolls declined in October, while the unemployment rate shot up to the highest level in more than four years, delayed government data showed Tuesday.

Total nonfarm payrolls rose by 64,000 last month, the Bureau of Labor Statistics said. The consensus was for a 50,000 increase, according to a survey compiled by Bloomberg.

The November report was delayed by more than a week because of the recent federal government shutdown. The BLS on Tuesday published a partial update for October, showing payrolls fell by 105,000 due to a sharp decline in government jobs.

Gains for September were revised down by 11,000 to 108,000, while revised August payrolls showed a deeper decline, the BLS said.

The unemployment rate ticked up to 4.6% in November, the highest since September 2021, while Wall Street expected a 4.5% print. September's jobless rate was 4.4%, while data for October weren't available.

"The delayed US employment reports for October and November confirmed what we feared based on the alternative data -- the labor market can no longer be described as resilient," BMO Chief US Economist Scott Anderson said in a note. "Bottom line, the evidence of labor market slowing continues to mount."

Last week, the Federal Reserve reduced its benchmark lending rate by 25 basis points, marking the third straight cut in a row, amid continued concerns about the labor market.

Markets are currently pricing in a 73% probability that the central bank will keep the target rate unchanged at the January policy meeting, according to the CME FedWatch tool.

Private payrolls for November grew by 69,000 after a 52,000 gain in October. The service industry added 50,000 jobs last month, while employment in the goods-producing sector increased by 19,000. Government jobs fell by 5,000 in November and by 157,000 the month prior.

"The combined message of all of this (jobs) data is sufficiently muddled that it does not give a sense of whether broader downside risks to the labor market have intensified," Jefferies Chief US Economist Thomas Simons said in a report e-mailed to MT Newswires. "We still expect 50 (basis points) in further reductions during the first half of 2026, so our odds for a March cut remain high."

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