Analyzing the latest on the jobs and labor market data
By Easton Martin | December 18, 2025
The latest U.S. jobs report shows a labor market that continues to expand but at a slower pace. Employers added 64,000 jobs in November 2025, slightly exceeding expectations, with the largest gains in health care, construction, and service industries. Wage growth remained positive, giving workers modest gains even as pay increases have slowed compared with earlier in the year.
The overall unemployment rate rose to 4.6 percent, its highest level in over four years, reflecting a cooling labor market. Certain groups, including teenagers and Black workers, experienced sharper increases in unemployment, highlighting uneven weakness across the workforce. Weekly jobless claims fell by about 13,000, suggesting layoffs remain limited despite slower hiring.
While the market is far from a sharp downturn, slower job creation and rising unemployment indicate the economy is moving from a period of strong growth to a more tentative phase.
The latest data appears to suggest the labor market is still stable but increasingly vulnerable to economic headwinds. Overall, the report points to continued resilience paired with emerging areas of concern.
