Saad Ullah
⬤ Through November 2025, almost every new U.S. job appeared in health care or other service work. Non-farm payrolls rose by 610,000 in those eleven months and nearly all of that increase came from businesses that deal directly with consumers or from social programmes - the rest of the economy barely moved.
⬤ Health care alone hired 399,000 people. Social-assistance agencies hired 296,000. Bars plus restaurants added 116,000. Retailers took on 72,000. Construction firms hired 43,000. Insurers and real-estate offices added 25,000. Service industries, in short, carried the whole expansion.
⬤ Several large sectors moved in reverse. Government payrolls fell by 156,000 - the steepest drop of any group. Manufacturing lost 63,000 continuing a long decline. A collection of smaller sectors together cut 122,000 positions eroding part of the gains recorded elsewhere.
⬤ Because hiring is so one sided, the pattern colours the wider outlook for the dollar and for U.S. momentum. Jobs tied to health as well as consumer spending confirm that domestic demand has not collapsed - yet they also reveal that factories and public agencies are retreating. The split will feed into views on productivity, wages or policy as investors ask whether the economy can stay on this track.
Saad Ullah
