The return of the government’s monthly payrolls report delivered some upbeat news yesterday. Non-farm payrolls rose more than forecast in September. The data suggests the US economy ended the third quarter with a modest degree of relative strength. But a closer look at the numbers still points to ongoing weakness, which raises questions about the economy’s strength in the months ahead.
Daily Archives: November 21, 2025
Macro Briefing: 21 November 2025
US payrolls rebounded in September, according to the Labor Department’s delayed report. Nonfarm payrolls rose by 119,000, beating the Bloomberg consensus forecast of 53,000, while August payrolls were revised down to a small contraction of 4,000 from the previously reported gain of 22,000. Job gains continue to be concentrated in a few industries, with healthcare & social assistance, and leisure & hospitality adding 87% of the jobs in September.
