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

Jobs · ORIGINAL ECONOMIC RELEASE

November 2023 Employment Situation

Total nonfarm payroll employment increased by 199,000 in November, and the unemployment rate edged down to 3.7 percent, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in health care and government. Employment…

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 199,000 in November, and the unemployment rate edged down to 3.7 percent, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in health care and government. Employment also increased in manufacturing, reflecting the return of workers from a strike. Employment in retail trade declined.

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 edged down to 3.7 percent in November, and the number of unemployed persons showed little change at 6.3 million. (See table A-1.)

Among the major worker groups, the unemployment rate for teenagers (11.4 percent) edged down in November. The jobless rates for adult men (3.7 percent), adult women (3.1 percent), Whites (3.3 percent), Blacks (5.8 percent), Asians (3.5 percent), and Hispanics (4.6 percent) showed little or no change over the month. (See tables A-1, A-2, and A-3.)

In November, the number of long-term unemployed (those jobless for 27 weeks or more) edged down to 1.2 million. These individuals accounted for 18.3 percent of all unemployed persons. (See table A-12.)

The employment-population ratio increased by 0.3 percentage point to 60.5 percent in November. The labor force participation rate was little changed at 62.8 percent and has been essentially flat since August. (See table A-1.)

The number of persons employed part time for economic reasons decreased by 295,000 to 4.0 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.)

In November, the number of persons not in the labor force who currently want a job was 5.3 million, little different from the prior month. 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 changed little at 1.6 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 421,000 in November, essentially unchanged from the previous month. (See Summary table A.)

Establishment Survey Data

Total nonfarm payroll employment increased by 199,000 in November. Employment growth is below the average monthly gain of 240,000 over the prior 12 months but is in line with job growth in recent months. In November, job gains occurred in health care and government. Employment also increased in manufacturing, reflecting the return of workers from a strike. Employment in retail trade declined. (See table B-1.)

In November, health care added 77,000 jobs, above the average monthly gain of 54,000 over the prior 12 months. Over the month, job gains continued in ambulatory health care services (+36,000), hospitals (+24,000), and nursing and residential care facilities (+17,000).

Government employment increased by 49,000 in November, in line with the average monthly gain of 55,000 over the prior 12 months. Employment continued to trend up in local government (+32,000) and state government (+17,000) over the month.

Employment in manufacturing rose by 28,000 in November, reflecting an increase of 30,000 in motor vehicles and parts as workers returned from a strike. Employment in manufacturing has shown little net change over the year.

In November, employment in leisure and hospitality continued to trend up (+40,000), almost entirely in food services and drinking places. Leisure and hospitality had added an average of 51,000 jobs per month over the prior 12 months.

Employment in social assistance continued to trend up in November (+16,000). The industry had added an average of 23,000 jobs per month over the prior 12 months. Over the month, employment continued to trend up in individual and family services (+9,000).

Retail trade employment declined by 38,000 in November and has shown little net change over the year. Employment decreased in department stores (-19,000) and in furniture, home furnishings, electronics, and appliance retailers (-6,000) over the month.

In November, employment in information changed little (+10,000). Motion picture and sound recording industries added 17,000 jobs, mostly reflecting the resolution of labor disputes in the industry. Overall, employment in the information industry has declined by 104,000 since reaching a peak in November 2022.

Employment in transportation and warehousing changed little in November (-5,000). A job loss in warehousing and storage (-8,000) was partially offset by a gain in air transportation (+4,000). Employment in transportation and warehousing has declined by 61,000 since a peak in October 2022.

Employment showed little change over the month in other major industries, including mining, quarrying, and oil and gas extraction; construction; wholesale trade; financial activities; professional and business services; and other services.

In November, average hourly earnings for all employees on private nonfarm payrolls rose by 12 cents, or 0.4 percent, to $34.10. Over the past 12 months, average hourly earnings have increased by 4.0 percent. In November, average hourly earnings of private-sector production and nonsupervisory employees rose by 12 cents, or 0.4 percent, to $29.30. (See tables B-3 and B-8.)

The average workweek for all employees on private nonfarm payrolls edged up by 0.1 hour to 34.4 hours in November. In manufacturing, the average workweek was unchanged at 40.0 hours, and overtime remained at 2.9 hours. The average workweek for production and nonsupervisory employees on private nonfarm payrolls edged up by 0.1 hour to 33.8 hours. (See tables B-2 and B-7.)

The change in total nonfarm payroll employment for September was revised down by 35,000, from +297,000 to +262,000, and the change for October remained at +150,000. With these revisions, employment in September and October combined is 35,000 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 8, 2023.

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 8, 2023Publication referenceDec 8, 202330 days laterJan 7, 2024
30-year fixed mortgageNational weekly averageFreddie Mac Primary Mortgage Market Survey®7.76%Observed 7.03%Observed −73 bps vs. earlier reference6.62%Observed −41 bps vs. publication reference
10-year TreasuryDaily par yieldU.S. Department of the Treasury4.49%Observed 4.23%Observed −26 bps vs. earlier reference4.05%Observed −18 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 8, 2023 – Mar 8, 2024
Historical mortgage and Treasury observations around Dec 8, 2023Each 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.3.50%5.75%8.00%Publication date30-year fixed mortgage: 7.18% · Sep 14, 202330-year fixed mortgage: 7.19% · Sep 21, 202330-year fixed mortgage: 7.31% · Sep 28, 202330-year fixed mortgage: 7.49% · Oct 5, 202330-year fixed mortgage: 7.57% · Oct 12, 202330-year fixed mortgage: 7.63% · Oct 19, 202330-year fixed mortgage: 7.79% · Oct 26, 202330-year fixed mortgage: 7.76% · Nov 2, 202330-year fixed mortgage: 7.50% · Nov 9, 202330-year fixed mortgage: 7.44% · Nov 16, 202330-year fixed mortgage: 7.29% · Nov 22, 202330-year fixed mortgage: 7.22% · Nov 30, 202330-year fixed mortgage: 7.03% · Dec 7, 202330-year fixed mortgage: 6.95% · Dec 14, 202330-year fixed mortgage: 6.67% · Dec 21, 202330-year fixed mortgage: 6.61% · Dec 28, 202330-year fixed mortgage: 6.62% · Jan 4, 202430-year fixed mortgage: 6.66% · Jan 11, 202430-year fixed mortgage: 6.60% · Jan 18, 202430-year fixed mortgage: 6.69% · Jan 25, 202430-year fixed mortgage: 6.63% · Feb 1, 202430-year fixed mortgage: 6.64% · Feb 8, 202430-year fixed mortgage: 6.77% · Feb 15, 202430-year fixed mortgage: 6.90% · Feb 22, 202430-year fixed mortgage: 6.94% · Feb 29, 202430-year fixed mortgage: 6.88% · Mar 7, 202410-year Treasury: 4.26% · Sep 8, 202310-year Treasury: 4.29% · Sep 11, 202310-year Treasury: 4.27% · Sep 12, 202310-year Treasury: 4.25% · Sep 13, 202310-year Treasury: 4.29% · Sep 14, 202310-year Treasury: 4.33% · Sep 15, 202310-year Treasury: 4.32% · Sep 18, 202310-year Treasury: 4.37% · Sep 19, 202310-year Treasury: 4.35% · Sep 20, 202310-year Treasury: 4.49% · Sep 21, 202310-year Treasury: 4.44% · Sep 22, 202310-year Treasury: 4.55% · Sep 25, 202310-year Treasury: 4.56% · Sep 26, 202310-year Treasury: 4.61% · Sep 27, 202310-year Treasury: 4.59% · Sep 28, 202310-year Treasury: 4.59% · Sep 29, 202310-year Treasury: 4.69% · Oct 2, 202310-year Treasury: 4.81% · Oct 3, 202310-year Treasury: 4.73% · Oct 4, 202310-year Treasury: 4.72% · Oct 5, 202310-year Treasury: 4.78% · Oct 6, 202310-year Treasury: 4.66% · Oct 10, 202310-year Treasury: 4.58% · Oct 11, 202310-year Treasury: 4.70% · Oct 12, 202310-year Treasury: 4.63% · Oct 13, 202310-year Treasury: 4.71% · Oct 16, 202310-year Treasury: 4.83% · Oct 17, 202310-year Treasury: 4.91% · Oct 18, 202310-year Treasury: 4.98% · Oct 19, 202310-year Treasury: 4.93% · Oct 20, 202310-year Treasury: 4.86% · Oct 23, 202310-year Treasury: 4.83% · Oct 24, 202310-year Treasury: 4.95% · Oct 25, 202310-year Treasury: 4.86% · Oct 26, 202310-year Treasury: 4.84% · Oct 27, 202310-year Treasury: 4.88% · Oct 30, 202310-year Treasury: 4.88% · Oct 31, 202310-year Treasury: 4.77% · Nov 1, 202310-year Treasury: 4.67% · Nov 2, 202310-year Treasury: 4.57% · Nov 3, 202310-year Treasury: 4.67% · Nov 6, 202310-year Treasury: 4.58% · Nov 7, 202310-year Treasury: 4.49% · Nov 8, 202310-year Treasury: 4.62% · Nov 9, 202310-year Treasury: 4.61% · Nov 10, 202310-year Treasury: 4.63% · Nov 13, 202310-year Treasury: 4.44% · Nov 14, 202310-year Treasury: 4.53% · Nov 15, 202310-year Treasury: 4.45% · Nov 16, 202310-year Treasury: 4.44% · Nov 17, 202310-year Treasury: 4.42% · Nov 20, 202310-year Treasury: 4.41% · Nov 21, 202310-year Treasury: 4.42% · Nov 22, 202310-year Treasury: 4.47% · Nov 24, 202310-year Treasury: 4.39% · Nov 27, 202310-year Treasury: 4.34% · Nov 28, 202310-year Treasury: 4.27% · Nov 29, 202310-year Treasury: 4.37% · Nov 30, 202310-year Treasury: 4.22% · Dec 1, 202310-year Treasury: 4.28% · Dec 4, 202310-year Treasury: 4.18% · Dec 5, 202310-year Treasury: 4.12% · Dec 6, 202310-year Treasury: 4.14% · Dec 7, 202310-year Treasury: 4.23% · Dec 8, 202310-year Treasury: 4.23% · Dec 11, 202310-year Treasury: 4.20% · Dec 12, 202310-year Treasury: 4.04% · Dec 13, 202310-year Treasury: 3.92% · Dec 14, 202310-year Treasury: 3.91% · Dec 15, 202310-year Treasury: 3.95% · Dec 18, 202310-year Treasury: 3.93% · Dec 19, 202310-year Treasury: 3.86% · Dec 20, 202310-year Treasury: 3.89% · Dec 21, 202310-year Treasury: 3.90% · Dec 22, 202310-year Treasury: 3.89% · Dec 26, 202310-year Treasury: 3.79% · Dec 27, 202310-year Treasury: 3.84% · Dec 28, 202310-year Treasury: 3.88% · Dec 29, 202310-year Treasury: 3.95% · Jan 2, 202410-year Treasury: 3.91% · Jan 3, 202410-year Treasury: 3.99% · Jan 4, 202410-year Treasury: 4.05% · Jan 5, 202410-year Treasury: 4.01% · Jan 8, 202410-year Treasury: 4.02% · Jan 9, 202410-year Treasury: 4.04% · Jan 10, 202410-year Treasury: 3.98% · Jan 11, 202410-year Treasury: 3.96% · Jan 12, 202410-year Treasury: 4.07% · Jan 16, 202410-year Treasury: 4.10% · Jan 17, 202410-year Treasury: 4.14% · Jan 18, 202410-year Treasury: 4.15% · Jan 19, 202410-year Treasury: 4.11% · Jan 22, 202410-year Treasury: 4.14% · Jan 23, 202410-year Treasury: 4.18% · Jan 24, 202410-year Treasury: 4.14% · Jan 25, 202410-year Treasury: 4.15% · Jan 26, 202410-year Treasury: 4.08% · Jan 29, 202410-year Treasury: 4.06% · Jan 30, 202410-year Treasury: 3.99% · Jan 31, 202410-year Treasury: 3.87% · Feb 1, 202410-year Treasury: 4.03% · Feb 2, 202410-year Treasury: 4.17% · Feb 5, 202410-year Treasury: 4.09% · Feb 6, 202410-year Treasury: 4.09% · Feb 7, 202410-year Treasury: 4.15% · Feb 8, 202410-year Treasury: 4.17% · Feb 9, 202410-year Treasury: 4.17% · Feb 12, 202410-year Treasury: 4.31% · Feb 13, 202410-year Treasury: 4.27% · Feb 14, 202410-year Treasury: 4.24% · Feb 15, 202410-year Treasury: 4.30% · Feb 16, 202410-year Treasury: 4.27% · Feb 20, 202410-year Treasury: 4.32% · Feb 21, 202410-year Treasury: 4.33% · Feb 22, 202410-year Treasury: 4.26% · Feb 23, 202410-year Treasury: 4.28% · Feb 26, 202410-year Treasury: 4.31% · Feb 27, 202410-year Treasury: 4.27% · Feb 28, 202410-year Treasury: 4.25% · Feb 29, 202410-year Treasury: 4.19% · Mar 1, 202410-year Treasury: 4.22% · Mar 4, 202410-year Treasury: 4.13% · Mar 5, 202410-year Treasury: 4.11% · Mar 6, 202410-year Treasury: 4.09% · Mar 7, 202410-year Treasury: 4.09% · Mar 8, 2024Sep 8, 2023Dec 8, 2023Mar 8, 2024
30-year fixed mortgage26 observations10-year Treasury125 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$2,001.96/month

7.03% · Dec 7, 2023

At the later reference$1,919.94/month

6.62% · Jan 4, 2024

The illustrative principal-and-interest payment is $82.01 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 →