Jobs report continues weakening labor trends

Total nonfarm payroll employment changed little in November (+64,000) and has shown little net change since April, the U.S. Bureau of Labor Statistics reported Tuesday. In November, the unemployment rate, at 4.6%, was little changed from September. Employment rose in health care and construction in November, while federal government continued to lose jobs.

Publication of this month’s data was delayed by more than a week because of the federal government shutdown and both the household and establishment surveys requiring additional data collection and processing time in November.

“The jobs gain report for October and November reveals a continuation of the weakening trend in the labor market, with unemployment rising two percentage points and October showing sharp declines due to DOGE cuts, despite modest gains in November. Additional signs of broader challenges to the labor market include concentration of job gains in only a few private sector industries and downward revisions of prior month reports,” said America’s Credit Unions Senior Economist Dawit Kebede. “If this deterioration continues in upcoming reports, the Federal Reserve may need to reconsider its hawkish stance planned for 2026. Credit unions will remain a trusted and reliable partner for members in times of economic challenges.”