Job Slowdown Continues, Keeping Pressure On The Fed For More Rate Cuts
2025-12-16 11:45:00 ET
By James Knightley, Chief International Economist, US
On the Fed's metrics, the economy is now losing jobs
US non-farm payrolls rose 64k in November versus the 50k consensus, while October payrolls fell 105k. The unemployment rate is now 4.6% versus the 4.5% expected number and up from the last data point of 4.4% from September. This is a soft outcome overall, with non-farm payrolls growth averaging just 22k over the past three months. Given Fed Chair Jerome Powell's comments last week that they think payrolls are being overestimated by 60k per month, it indicates that the Fed is now effectively acknowledging the economy is losing jobs, which will push the doves to continue making the case for rate cuts....
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Job Slowdown Continues, Keeping Pressure On The Fed For More Rate Cuts
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