Payroll employment has been almost unchanged since July.
According to the Bureau of Labor Statistics (BLS), payroll employment growth-which averaged 150 to 250,000 jobs per month before the pandemic-has slowed to 64,000 in November, after dropping by 105,000 in October. Since July, payroll employment has increased by 41,000, which is only a third of 1%, the slowest growth rate outside recessionary periods this century.
The unemployment rate in November rose to 4.6%, up from 4% in January. This shift pushes the labor market out of the full employment range.
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(Original air-date: 12/19/25)
