19 December 2025
U.S. NFP at an Inflection Point: Slowing Growth Calls for Market Caution
Executive Summary The December release of the October and November 2025 Non-Farm Payroll (NFP) reports marks a notable inflection point for the U.S. labor market and the broader economy. While the October payroll contraction of -103,000 was clearly weak, the November gain of 64,000 jobs, although above expectations, remains well below replacement level. At the same time, the unemployment rate


