Wednesday, November 11, 2026Mortgage news · Rates & market context

Jobs · ORIGINAL ECONOMIC RELEASE

November 2022 Employment Situation

Total nonfarm payroll employment increased by 263,000 in November, and the unemployment rate was unchanged at 3.7 percent, the U.S. Bureau of Labor Statistics reported today. Notable job gains occurred in leisure and hospitality, health…

Historical releaseThe figures below describe the original reporting period. They are not today’s rates or a current economic forecast.Today’s market brief →

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Total nonfarm payroll employment increased by 263,000 in November, and the unemployment rate was unchanged at 3.7 percent, the U.S. Bureau of Labor Statistics reported today. Notable job gains occurred in leisure and hospitality, health care, and government. Employment declined in retail trade and in transportation and warehousing.

This news release presents statistics from two monthly surveys. The household survey measures labor force status, including unemployment, by demographic characteristics. The establishment survey measures nonfarm employment, hours, and earnings by industry. For more information about the concepts and statistical methodology used in these two surveys, see the Technical Note.

Household Survey Data

The unemployment rate was unchanged at 3.7 percent in November and has been in a narrow range of 3.5 percent to 3.7 percent since March. The number of unemployed persons was essentially unchanged at 6.0 million in November. (See table A-1.)

Among the major worker groups, the unemployment rates for adult men (3.4 percent), adult women (3.3 percent), teenagers (11.3 percent), Whites (3.2 percent), Blacks (5.7 percent), Asians (2.7 percent), and Hispanics (3.9 percent) showed little or no change over the month. (See tables A-1, A-2, and A-3.)

Among the unemployed, the number of permanent job losers rose by 127,000 to 1.4 million in November. The number of persons on temporary layoff changed little at 803,000. (See table A-11.)

The number of long-term unemployed (those jobless for 27 weeks or more) was little changed at 1.2 million in November. The long-term unemployed accounted for 20.6 percent of all unemployed persons. (See table A-12.)

Both the labor force participation rate, at 62.1 percent, and the employment-population ratio, at 59.9 percent, were little changed in November and have shown little net change since early this year. These measures are each 1.3 percentage points below their values in February 2020, prior to the coronavirus (COVID-19) pandemic. (See table A-1.)

The number of persons employed part time for economic reasons was about unchanged at 3.7 million in November. These individuals, who would have preferred full-time employment, were working part time because their hours had been reduced or they were unable to find full-time jobs. (See table A-8.)

The number of persons not in the labor force who currently want a job was little changed at 5.6 million in November and remains above its February 2020 level of 5.0 million. These individuals were not counted as unemployed because they were not actively looking for work during the 4 weeks preceding the survey or were unavailable to take a job. (See table A-1.)

Among those not in the labor force who wanted a job, the number of persons marginally attached to the labor force held at 1.5 million in November. These individuals wanted and were available for work and had looked for a job sometime in the prior 12 months but had not looked for work in the 4 weeks preceding the survey. The number of discouraged workers, a subset of the marginally attached who believed that no jobs were available for them, was 405,000 in November, little changed from the previous month. (See Summary table A.)

Establishment Survey Data

Total nonfarm payroll employment increased by 263,000 in November, roughly in line with average growth over the prior 3 months (+282,000). Monthly job growth has averaged 392,000 thus far in 2022, compared with 562,000 per month in 2021. In November, notable job gains occurred in leisure and hospitality, health care, and government. Employment declined in retail trade and in transportation and warehousing. (See table B-1.)

Leisure and hospitality added 88,000 jobs in November, including a gain of 62,000 in food services and drinking places. Leisure and hospitality has added an average of 82,000 jobs per month thus far this year, less than half the average gain of 196,000 jobs per month in 2021. Employment in leisure and hospitality is below its pre-pandemic February 2020 level by 980,000, or 5.8 percent.

In November, employment in health care rose by 45,000, with gains in ambulatory health care services (+23,000), hospitals (+11,000), and nursing and residential care facilities (+10,000). So far in 2022, health care employment has increased by an average of 47,000 per month, well above the 2021 average monthly gain of 9,000.

Government added 42,000 jobs in November, mostly in local government (+32,000). Government employment has increased by an average of 25,000 per month thus far this year, compared with 38,000 per month in 2021. Since February 2020, government employment is down by 461,000, or 2.0 percent.

In November, employment in the other services industry rose by 24,000, as personal and laundry services added 11,000 jobs over the month. Other services employment has increased by an average of 15,000 per month thus far this year, compared with 24,000 per month in 2021. Employment in other services is below its February 2020 level by 186,000, or 3.1 percent.

Employment in social assistance increased by 23,000 in November and has returned to its February 2020 level. Within social assistance, employment in individual and family services increased by 17,000 in November. Job growth in social assistance has averaged 18,000 per month thus far in 2022, compared with an average of 13,000 per month in 2021.

Construction employment continued to trend up in November (+20,000), with nonresidential building adding 8,000 jobs. Construction has added an average of 19,000 jobs per month thus far this year, little different from the 2021 average of 16,000 per month.

Employment in information rose by 19,000 in November. Employment in the industry has increased by an average of 14,000 per month thus far this year, in line with the average of 16,000 per month in 2021.

Manufacturing employment continued to trend up in November (+14,000). Job growth has averaged 34,000 per month thus far this year, little different from the 2021 average of 30,000 per month.

In November, employment in financial activities continued its upward trend (+14,000). Job gains in real estate and rental and leasing (+13,000) and in securities, commodity contracts, and investments (+6,000) were partially offset by a decline in credit intermediation and related activities (-9,000). Employment in financial activities has increased by an average of 12,000 per month thus far this year, the same as in 2021.

Employment in retail trade declined by 30,000 in November. Job losses in general merchandise stores (-32,000), electronics and appliance stores (-4,000), and furniture and home furnishings stores (-3,000) were partially offset by a job gain in motor vehicle and parts dealers (+10,000). Retail trade employment has fallen by 62,000 since August.

Employment in transportation and warehousing declined by 15,000 in November and has decreased by 38,000 since July. In November, job losses in warehousing and storage (-13,000) and in couriers and messengers (-12,000) were partially offset by a job gain in air transportation (+4,000).

Employment in professional and business services changed little in November (+6,000). Within the industry, professional and technical services added 28,000 jobs, while business support services lost 11,000 jobs. Monthly job growth in professional and business services has averaged 58,000 thus far in 2022, down from 94,000 per month in 2021.

Employment showed little change over the month in mining and wholesale trade.

In November, average hourly earnings for all employees on private nonfarm payrolls rose by 18 cents, or 0.6 percent, to $32.82. Over the past 12 months, average hourly earnings have increased by 5.1 percent. In November, average hourly earnings of private-sector production and nonsupervisory employees rose by 19 cents, or 0.7 percent, to $28.10. (See tables B-3 and B-8.)

In November, the average workweek for all employees on private nonfarm payrolls declined by 0.1 hour to 34.4 hours. In manufacturing, the average workweek for all employees decreased by 0.2 hour to 40.2 hours, and overtime declined by 0.1 hour to 3.1 hours. The average workweek for production and nonsupervisory employees on private nonfarm payrolls decreased by 0.1 hour to 33.9 hours. (See tables B-2 and B-7.)

The change in total nonfarm payroll employment for September was revised down by 46,000, from +315,000 to +269,000, and the change for October was revised up by 23,000, from +261,000 to +284,000. With these revisions, employment gains in September and October combined were 23,000 lower than previously reported. (Monthly revisions result from additional reports received from businesses and government agencies since the last published estimates and from the recalculation of seasonal factors.)

Source: U.S. Bureau of Labor Statistics · Original release Dec 2, 2022.

Archived Nov 11, 2026. Source reuse policy. Formatting has been adapted for reading; the source’s conclusions remain attributed to its publisher.

MortgageRates.news analysis · Historical context

The mortgage market around this release

This original analysis is separate from the source article. It compares observed benchmarks around ; historical averages and yields are not current mortgage offers.

Read beyond one jobs number

The Employment Situation combines two surveys: establishment data measure payroll jobs, hours and earnings, while household data measure people’s employment status and the unemployment rate. A payroll-job change and an unemployment-rate change therefore answer different questions. Check the reference period, participation and revisions alongside the headline. Labor-market conditions inform the policy outlook, but a later mortgage-rate change can reflect many developments; this calendar window cannot identify the report as its cause. BLS Employment Situation tables and technical notes.

Nearest published observation on or before each target date
Benchmark30 days earlierNov 2, 2022Publication referenceDec 2, 202230 days laterJan 1, 2023
30-year fixed mortgageNational weekly averageFreddie Mac Primary Mortgage Market Survey®7.08%Observed 6.49%Observed −59 bps vs. earlier reference6.42%Observed −7 bps vs. publication reference
10-year TreasuryDaily par yieldU.S. Department of the Treasury4.10%Observed 3.51%Observed −59 bps vs. earlier reference3.88%Observed +37 bps vs. publication reference

Calendar references, not an intraday reaction. A same-day market observation may have been published after a morning release. These figures do not show what was known at its exact publication time. One basis point (bp) is 0.01 percentage point; changes use the actual dated observations shown.

Six months around publication

Sep 2, 2022 – Mar 2, 2023
Historical mortgage and Treasury observations around Dec 2, 2022Each dot is a published observation. No missing values are estimated. The dashed vertical line marks the article’s publication calendar date. Rates and yields are percentages.3.00%5.25%7.50%Publication date30-year fixed mortgage: 5.89% · Sep 8, 202230-year fixed mortgage: 6.02% · Sep 15, 202230-year fixed mortgage: 6.29% · Sep 22, 202230-year fixed mortgage: 6.70% · Sep 29, 202230-year fixed mortgage: 6.66% · Oct 6, 202230-year fixed mortgage: 6.92% · Oct 13, 202230-year fixed mortgage: 6.94% · Oct 20, 202230-year fixed mortgage: 7.08% · Oct 27, 202230-year fixed mortgage: 6.95% · Nov 3, 202230-year fixed mortgage: 7.08% · Nov 10, 202230-year fixed mortgage: 6.61% · Nov 17, 202230-year fixed mortgage: 6.58% · Nov 23, 202230-year fixed mortgage: 6.49% · Dec 1, 202230-year fixed mortgage: 6.33% · Dec 8, 202230-year fixed mortgage: 6.31% · Dec 15, 202230-year fixed mortgage: 6.27% · Dec 22, 202230-year fixed mortgage: 6.42% · Dec 29, 202230-year fixed mortgage: 6.48% · Jan 5, 202330-year fixed mortgage: 6.33% · Jan 12, 202330-year fixed mortgage: 6.15% · Jan 19, 202330-year fixed mortgage: 6.13% · Jan 26, 202330-year fixed mortgage: 6.09% · Feb 2, 202330-year fixed mortgage: 6.12% · Feb 9, 202330-year fixed mortgage: 6.32% · Feb 16, 202330-year fixed mortgage: 6.50% · Feb 23, 202330-year fixed mortgage: 6.65% · Mar 2, 202310-year Treasury: 3.20% · Sep 2, 202210-year Treasury: 3.33% · Sep 6, 202210-year Treasury: 3.27% · Sep 7, 202210-year Treasury: 3.29% · Sep 8, 202210-year Treasury: 3.33% · Sep 9, 202210-year Treasury: 3.37% · Sep 12, 202210-year Treasury: 3.42% · Sep 13, 202210-year Treasury: 3.41% · Sep 14, 202210-year Treasury: 3.45% · Sep 15, 202210-year Treasury: 3.45% · Sep 16, 202210-year Treasury: 3.49% · Sep 19, 202210-year Treasury: 3.57% · Sep 20, 202210-year Treasury: 3.51% · Sep 21, 202210-year Treasury: 3.70% · Sep 22, 202210-year Treasury: 3.69% · Sep 23, 202210-year Treasury: 3.88% · Sep 26, 202210-year Treasury: 3.97% · Sep 27, 202210-year Treasury: 3.72% · Sep 28, 202210-year Treasury: 3.76% · Sep 29, 202210-year Treasury: 3.83% · Sep 30, 202210-year Treasury: 3.67% · Oct 3, 202210-year Treasury: 3.62% · Oct 4, 202210-year Treasury: 3.76% · Oct 5, 202210-year Treasury: 3.83% · Oct 6, 202210-year Treasury: 3.89% · Oct 7, 202210-year Treasury: 3.93% · Oct 11, 202210-year Treasury: 3.91% · Oct 12, 202210-year Treasury: 3.97% · Oct 13, 202210-year Treasury: 4.00% · Oct 14, 202210-year Treasury: 4.02% · Oct 17, 202210-year Treasury: 4.01% · Oct 18, 202210-year Treasury: 4.14% · Oct 19, 202210-year Treasury: 4.24% · Oct 20, 202210-year Treasury: 4.21% · Oct 21, 202210-year Treasury: 4.25% · Oct 24, 202210-year Treasury: 4.10% · Oct 25, 202210-year Treasury: 4.04% · Oct 26, 202210-year Treasury: 3.96% · Oct 27, 202210-year Treasury: 4.02% · Oct 28, 202210-year Treasury: 4.10% · Oct 31, 202210-year Treasury: 4.07% · Nov 1, 202210-year Treasury: 4.10% · Nov 2, 202210-year Treasury: 4.14% · Nov 3, 202210-year Treasury: 4.17% · Nov 4, 202210-year Treasury: 4.22% · Nov 7, 202210-year Treasury: 4.14% · Nov 8, 202210-year Treasury: 4.12% · Nov 9, 202210-year Treasury: 3.82% · Nov 10, 202210-year Treasury: 3.88% · Nov 14, 202210-year Treasury: 3.80% · Nov 15, 202210-year Treasury: 3.67% · Nov 16, 202210-year Treasury: 3.77% · Nov 17, 202210-year Treasury: 3.82% · Nov 18, 202210-year Treasury: 3.83% · Nov 21, 202210-year Treasury: 3.76% · Nov 22, 202210-year Treasury: 3.71% · Nov 23, 202210-year Treasury: 3.68% · Nov 25, 202210-year Treasury: 3.69% · Nov 28, 202210-year Treasury: 3.75% · Nov 29, 202210-year Treasury: 3.68% · Nov 30, 202210-year Treasury: 3.53% · Dec 1, 202210-year Treasury: 3.51% · Dec 2, 202210-year Treasury: 3.60% · Dec 5, 202210-year Treasury: 3.51% · Dec 6, 202210-year Treasury: 3.42% · Dec 7, 202210-year Treasury: 3.48% · Dec 8, 202210-year Treasury: 3.57% · Dec 9, 202210-year Treasury: 3.61% · Dec 12, 202210-year Treasury: 3.51% · Dec 13, 202210-year Treasury: 3.49% · Dec 14, 202210-year Treasury: 3.44% · Dec 15, 202210-year Treasury: 3.48% · Dec 16, 202210-year Treasury: 3.57% · Dec 19, 202210-year Treasury: 3.69% · Dec 20, 202210-year Treasury: 3.68% · Dec 21, 202210-year Treasury: 3.67% · Dec 22, 202210-year Treasury: 3.75% · Dec 23, 202210-year Treasury: 3.84% · Dec 27, 202210-year Treasury: 3.88% · Dec 28, 202210-year Treasury: 3.83% · Dec 29, 202210-year Treasury: 3.88% · Dec 30, 202210-year Treasury: 3.79% · Jan 3, 202310-year Treasury: 3.69% · Jan 4, 202310-year Treasury: 3.71% · Jan 5, 202310-year Treasury: 3.55% · Jan 6, 202310-year Treasury: 3.53% · Jan 9, 202310-year Treasury: 3.61% · Jan 10, 202310-year Treasury: 3.54% · Jan 11, 202310-year Treasury: 3.43% · Jan 12, 202310-year Treasury: 3.49% · Jan 13, 202310-year Treasury: 3.53% · Jan 17, 202310-year Treasury: 3.37% · Jan 18, 202310-year Treasury: 3.39% · Jan 19, 202310-year Treasury: 3.48% · Jan 20, 202310-year Treasury: 3.52% · Jan 23, 202310-year Treasury: 3.46% · Jan 24, 202310-year Treasury: 3.46% · Jan 25, 202310-year Treasury: 3.49% · Jan 26, 202310-year Treasury: 3.52% · Jan 27, 202310-year Treasury: 3.55% · Jan 30, 202310-year Treasury: 3.52% · Jan 31, 202310-year Treasury: 3.39% · Feb 1, 202310-year Treasury: 3.40% · Feb 2, 202310-year Treasury: 3.53% · Feb 3, 202310-year Treasury: 3.63% · Feb 6, 202310-year Treasury: 3.67% · Feb 7, 202310-year Treasury: 3.63% · Feb 8, 202310-year Treasury: 3.67% · Feb 9, 202310-year Treasury: 3.74% · Feb 10, 202310-year Treasury: 3.72% · Feb 13, 202310-year Treasury: 3.77% · Feb 14, 202310-year Treasury: 3.81% · Feb 15, 202310-year Treasury: 3.86% · Feb 16, 202310-year Treasury: 3.82% · Feb 17, 202310-year Treasury: 3.95% · Feb 21, 202310-year Treasury: 3.93% · Feb 22, 202310-year Treasury: 3.88% · Feb 23, 202310-year Treasury: 3.95% · Feb 24, 202310-year Treasury: 3.92% · Feb 27, 202310-year Treasury: 3.92% · Feb 28, 202310-year Treasury: 4.01% · Mar 1, 202310-year Treasury: 4.08% · Mar 2, 2023Sep 2, 2022Dec 2, 2022Mar 2, 2023
30-year fixed mortgage26 observations10-year Treasury122 observations
Dots show published observations only. Missing dates remain blank, with no interpolation. The series have different publication schedules and measure different markets.

What that benchmark difference would mean for a $300,000 loan

At the publication reference$1,894.23/month

6.49% · Dec 1, 2022

At the later reference$1,880.45/month

6.42% · Dec 29, 2022

The illustrative principal-and-interest payment is $13.78 lower per month. This holds the loan amount and term constant to show the arithmetic effect of the benchmark difference.

Assumptions: two separate hypothetical $300,000 loans, each fully amortizing over 30 years with 360 monthly payments and its stated fixed interest rate. Excludes points, lender fees, taxes, insurance, association charges and other costs. PMMS is a national average, not an APR or a personalized rate offer. These are not two payments on one existing loan.

Sources, historical coverage and calculation limits

The 30-day comparisons use calendar days. Each cell selects the last published observation on or before its target; no rates are synthesized for missing dates. Gaps greater than seven days for daily Treasury data or fourteen days for weekly mortgage data are marked unavailable. Forward comparisons require the date to have arrived and source coverage to extend through it.

Historical files may contain revisions and do not reconstruct precisely what every market participant knew at the time. Freddie Mac changed its PMMS collection methodology in November 2022. Cross-period comparisons should account for that change. These windows include other news and cannot establish causation or forecast the next rate move.

Understand the policy connection →See current advertised mortgage options →