BLS: November payrolls +64k; jobless rate 4.6% as October shows −105k on federal buyouts
The Labor Department reported the U.S. added 64,000 payroll jobs in November—beating roughly a 40,000 consensus—while the unemployment rate rose to 4.6%, the highest since 2021 (up from 4.4% in September). October showed a net loss of 105,000 jobs largely reflecting a 162,000 decline in federal employment after buyouts; November gains were concentrated in health care (+46,000) and construction (+28,000), average hourly earnings were up 3.5% year‑over‑year, and revisions trimmed August and September payrolls by about 33,000 amid delayed October household data from the shutdown.
📌 Key Facts
- U.S. payrolls increased by 64,000 in November, topping the roughly 40,000 consensus forecast.
- The unemployment rate rose to 4.6% in November — the highest level since 2021 (more than four years).
- October showed a net loss of 105,000 jobs, largely reflecting a 162,000 decline in federal workers tied to buyouts and year‑end departures; AP (via PBS) linked many departures to efforts to shrink the federal payroll.
- Because of a 43‑day government shutdown, the Labor Department released partial October figures alongside November: household unemployment data for October were not collected and some October details remain delayed.
- November sector changes: health care +46,000; construction +28,000; manufacturing −5,000; leisure & hospitality −12,000.
- Average hourly earnings rose 3.5% year over year in November.
- Labor Department revisions reduced August and September payroll totals by a combined 33,000; the report warns of potential further downward revisions early next year and cites workforce constraints from retirements and tighter immigration.
- Federal Reserve Chair Jerome Powell warned of “significant downside risks” to the labor market as the Fed cut rates for the third time since September.
📰 Sources (3)
The U.S. gained 64,000 jobs in November but lost 105,000 in October as the unemployment rate rose to 4.6%
New information:
- Labor Department revisions reduced August and September payroll totals by a combined 33,000.
- AP attributes the October drop largely to a 162,000 decline in federal workers, with many resignations at FY2025 year-end; it links departures to Elon Musk’s push to shrink federal payrolls.
- November’s +64,000 payroll gain topped the ~40,000 consensus forecast cited by AP.
- The 4.6% unemployment rate is the highest since 2021, per AP.
- Because of the 43-day shutdown, the department released partial October figures alongside November; some October details remain delayed.
The U.S. added just 64,000 jobs in November -- a sign the labor market is slowing
New information:
- Unemployment rate rose to 4.6% (from 4.4% in September), the highest in more than four years.
- October registered a net loss of 105,000 jobs, largely due to 162,000 federal workers who took buyouts being dropped from payrolls.
- Sector breakdown for November: health care +46,000; construction +28,000; manufacturing −5,000; leisure & hospitality −12,000.
- Average hourly earnings rose 3.5% year over year in November.
- October household unemployment data were not collected due to the shutdown; the unemployment rate for October remains unknown.
- Powell warned of 'significant downside risks' to the labor market as the Fed cut rates for the third time since September.
- Report notes potential downward revisions early next year and cites workforce constraints from retirements and tighter immigration.