Jobs: Every Month in 2025 has Been Revised Down with Two Turning Negative

Note: This is the Jobs report for September that was released late on November 20th. There will be no October jobs report

The analysis below covers the Employment picture released on the first Friday of every month. While most of the attention goes to the Headline Report, it can be helpful to look at the details, revisions, and other reports to get a better gauge of what is really going on.

Current Trends

The jobs report showed a modest increase of 119k jobs. This month actually saw a big deviation in the Household Survey to the upside which is quite rare, although it was the second month in a row this happened with 251k. The Household Survey had 288k jobs. In most months, the Household Survey is underperforming the headline number.