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November Payrolls Beat Expectations as Unemployment Jumps 0.2%

12/16/2025

The Bureau of Labor Statistics released a combined October–November employment report today, providing the first read on labor conditions following the 43 day government shutdown. Because the October survey was never completed, the month includes no unemployment rate and only payroll data, marking the first time in nearly 80 years that the U.S. has gone a month without an official unemployment rate.

The November unemployment rate rose to 4.6%, a 0.2% increase from September’s reading. Economists had expected only an uptick to 4.5%. The prime age (25–54) employment to population ratio slipped by -0.1%, reflecting weaker conditions in the core labor force. The BLS noted that November’s unemployment rate estimate was affected by lower survey participation, composite changes, and analyzing two months of data together.

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