FX.co ★ US Non Farm Payrolls Seen at 50K in November

In November 2025, it is anticipated that U.S. nonfarm payrolls will have grown by 50,000. The unemployment rate is projected to stay at a 2021 peak of 4.4%, with average hourly earnings predicted to rise by 0.3%. This anticipated delay in the November jobs report is expected to verify a sustained softening in the labor market, with job growth primarily occurring in the healthcare, social assistance, leisure, and hospitality sectors. Notably, the Bureau of Labor Statistics was unable to release the October Employment Situation report owing to the government shutdown and the subsequent difficulty in obtaining the necessary data retroactively. Consequently, only partial labor market data for October will be presented alongside November's figures, excluding the unemployment rate.