Labor Market and Economy Report: A Look at Trends in November 2025

Executive Summary

Job Growth

The U.S. economy added 64,000 jobs in November. Employment has shown little change since April.

After revisions, employment in August and September combined is now 33,000 lower than previously reported.

Unemployment and Labor Force Participation

The unemployment rate increased to 4.6% in November, the highest rate since September 2021. The labor force participation rate was 62.5%, unchanged from a year ago.

Unemployment rates specific to the industries Aston Carter supports were as follows for November: finance and insurance (1.8%), professional and business services (4.1%), hospitals (1.8%), utilities (2.2%), manufacturing (3.6%) and construction (3.7%).

Among skilled labor categories Aston Carter sources talent for, unemployment in business and financial was 3.1% and office and administrative was 4.3%.

Inflation

The year-over-year inflation rate increased by 2.7% between November 2024 and November 2025, below the 3.0% increase in September. The Bureau of Labor Statistics will not publish an October 2025 CPI because survey data could not be collected during the government shutdown.

Wage Growth

Average hourly earnings increased by 3.5% for the 12 months ending November. “Real” average hourly earnings (wages adjusted for inflation) increased by 0.8% between November 2024 and November 2025. In other words, average hourly earnings are keeping up with inflation, but consumers may still be feeling the pressure of higher prices.