Saad Ullah
⬤ Fresh data from Revelio Labs show that the US labour market hit more trouble in November - employers cut 9 000 non farm posts. This is the second monthly fall in a row and continues the slide that began early in 2025. Hiring lost speed across many industries and earlier months have been marked down - the picture is darker than first thought.
⬤ The labour market has changed sharply since the strong rebound that followed the pandemic in 2021 and 2022. Monthly gains once ran to multiple hundred thousand, but they slowed sharply in 2023 and 2024 then turned negative multiple times in 2025. Revelio draws its figures from sites like LinkedIn besides Indeed - its November count shows that private employers shed 19 400 posts. Public bodies hired 10 400 people, which softened only part of the blow. October's total also dropped after a 6 400-post revision - it now shows a 15 500-post loss.
The combined effect of recent revisions is large.
⬤ The clearest signal - payrolls have fallen in five of the past seven months - the worst seven month run in at least five years. Private firms keep cutting staff while government hiring stays modest - the weakness looks more than seasonal or one off.
⬤ Soft hiring matters because it feeds through to consumer confidence, spending, pay growth and the Federal Reserve's next step. With 2026 near markets study every employment release. Each fresh drop or revision adds to fears about the path of the economy - the non farm payroll report is now one of the key numbers to watch.
Saad Ullah
