U.S. Economy Adds 64,000 Jobs in November Amid Clear Labor Market Slowdown

Data from non-farm payrolls in the United States revealed that the economy added approximately 64,000 jobs in November, exceeding market expectations of 50,000 jobs, following a revised loss of 105,000 jobs in October. This indicates a relative improvement but does not hide the ongoing slowdown in the labor market. Job growth was mainly driven by the healthcare sector, which added about 46,000 jobs during the month, along with the construction sector, which saw an increase of 28,000 jobs, while the social services sector recorded moderate growth by adding 18,000 jobs. Conversely, some sectors faced significant pressures, with employment in the transportation and warehousing sector declining by 18,000 jobs, and the federal government continued to reduce its workforce, losing 6,000 jobs in November after a sharp loss of 162,000 jobs in October as part of President Trump's plan to downsize government through early retirement programs and the purchase of deferred contracts. Revisions showed that employment data for August and September were lowered, with August's figures revised down by 22,000 jobs, shifting from a slight decline to a larger loss, while September's figures were reduced by 11,000 jobs, reflecting a weaker picture of employment momentum during Q3. These data reinforce estimates that the U.S. labor market is entering a gradual slowdown phase, which markets closely monitor amid anticipation of any additional signals that may impact the Federal Reserve's monetary policy direction in the upcoming period.