US hiring barely moved in November, signaling a labor market that has lost momentum after years of breakneck growth.
Total nonfarm payroll employment rose by just 64,000 jobs, according to the US Bureau of Labor Statistics, continuing a flat trend that has persisted since April. The unemployment rate held steady at 4.6 percent, unchanged from September but higher than the 4.2 percent recorded a year earlier.
The equity markets were mixed after the release of the jobs data. The Dow Jones Industrial Average and S&P 500 both ended lower, while the tech-heavy Nasdaq was up.
The muted job gains reflect an economy shifting gears. Health care remained the standout, adding 46,000 jobs in November—roughly in line with its strong 12-month average—while construction added 28,000 positions, driven largely by nonresidential specialty trade contractors. Social assistance also continued to inch higher.
Elsewhere, job growth was hard to find. Transportation and warehousing shed 18,000 jobs, extending a decline that has erased 78,000 positions since peaking in February. Federal government payrolls continued to shrink, falling by another 6,000 jobs in November after a steep drop in October tied to deferred resignations. Since January, federal employment is down by 271,000.
The broader labor picture remains steady but less forgiving. About 7.8 million Americans were unemployed in November, up from 7.1 million a year earlier. Teen unemployment climbed to 16.3 percent, while rates for adult men and women held at 4.1 percent. Black unemployment remained elevated at 8.3 percent.
Signs of underemployment also surfaced. The number of people working part-time for economic reasons jumped by more than 900,000 to 5.5 million, suggesting some employers are trimming hours instead of hiring full-time.
Wages, meanwhile, rose modestly. Average hourly earnings ticked up 0.1 percent to USD36.86, bringing year-on-year growth to 3.5 percent—still above inflation but slowing.
The release itself was delayed by a federal funding lapse that also prevented the publication of October data, adding noise to an already cautious outlook.
For policymakers and markets, November’s numbers point to a labor market no longer overheating—but not cracking either.
