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

Jobs · ORIGINAL ECONOMIC RELEASE

December 2024 Employment Situation

Total nonfarm payroll employment increased by 256,000 in December, and the unemployment rate changed little at 4.1 percent, the U.S. Bureau of Labor Statistics reported today. Employment trended up in health care, government, and social…

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 256,000 in December, and the unemployment rate changed little at 4.1 percent, the U.S. Bureau of Labor Statistics reported today. Employment trended up in health care, government, and social assistance. Retail trade added jobs in December, following a job loss in November.

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 changed little at 4.1 percent in December. After increasing earlier in the year, the unemployment rate has been either 4.1 percent or 4.2 percent for the past 7 months. The number of unemployed people, at 6.9 million, also changed little in December. (See table A-1.)

Among the major worker groups, the unemployment rate for Whites (3.6 percent) edged down in December. The jobless rates for adult men (3.7 percent), adult women (3.8 percent), teenagers (12.4 percent), Blacks (6.1 percent), Asians (3.5 percent), and Hispanics (5.1 percent) changed little over the month. (See tables A-1, A-2, and A-3.)

Among the unemployed, the number of permanent job losers declined by 164,000 to 1.7 million in December but is little different from a year earlier. The number of people on temporary layoff, at 862,000, changed little over the month and over the year. (See table A-11.)

In December, the number of long-term unemployed (those jobless for 27 weeks or more) changed little at 1.6 million but is up by 278,000 from a year earlier. The long-term unemployed accounted for 22.4 percent of all unemployed people in December. (See table A-12.)

The labor force participation rate, at 62.5 percent, was unchanged over the month and has remained in a narrow range of 62.5 percent to 62.7 percent since December 2023. The employment-population ratio, at 60.0 percent, changed little over the month and over the year. (See table A-1.)

The number of people employed part time for economic reasons, at 4.4 million, changed little in December and is little different from a year earlier. These individuals would have preferred full-time employment but 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 people not in the labor force who currently want a job, at 5.5 million, was essentially unchanged in December. 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 people marginally attached to the labor force, at 1.6 million, was virtually unchanged in December. 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, changed little at 480,000 in December. (See Summary table A.)

Establishment Survey Data

Total nonfarm payroll employment rose by 256,000 in December. Employment trended up in health care, government, and social assistance. Retail trade added jobs in December, following a job loss in November. Payroll employment rose by 2.2 million in 2024 (an average monthly gain of 186,000), less than the increase of 3.0 million in 2023 (an average monthly gain of 251,000). (See table B-1.)

Health care added 46,000 jobs in December, with gains in home health care services (+15,000), nursing and residential care facilities (+14,000), and hospitals (+12,000). Health care added an average of 57,000 jobs per month in 2024, the same as the average monthly gain in 2023.

Retail trade added 43,000 jobs in December, following a loss of 29,000 jobs in November. In December, employment increased in clothing, clothing accessories, shoe, and jewelry retailers (+23,000); general merchandise retailers (+13,000); and health and personal care retailers (+7,000). Building material and garden equipment and supplies dealers lost jobs (-11,000). Overall, employment in retail trade changed little in 2024, following an average monthly increase of 10,000 in 2023.

Government employment continued to trend up in December (+33,000). Government added an average of 37,000 jobs per month in 2024, below the average monthly gain of 59,000 in 2023. Over the month, employment continued to trend up in state government (+10,000).

Employment in social assistance increased by 23,000 in December, mostly in individual and family services (+17,000). Social assistance added an average of 18,000 jobs per month in 2024, below the average increase of 23,000 per month in 2023.

Employment in leisure and hospitality changed little in December (+43,000). Leisure and hospitality added an average of 24,000 jobs per month in 2024, about half the average monthly gain of 47,000 in 2023.

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

In December, average hourly earnings for all employees on private nonfarm payrolls rose by 10 cents, or 0.3 percent, to $35.69. Over the past 12 months, average hourly earnings have increased by 3.9 percent. In December, average hourly earnings of private-sector production and nonsupervisory employees, at $30.62, were little changed (+6 cents). (See tables B-3 and B-8.)

In December, the average workweek for all employees on private nonfarm payrolls was 34.3 hours for the fifth month in a row. In manufacturing, the average workweek was little changed at 40.0 hours, and overtime edged down by 0.1 hour to 2.8 hours. The average workweek for production and nonsupervisory employees on private nonfarm payrolls remained at 33.7 hours. (See tables B-2 and B-7.)

The change in total nonfarm payroll employment for October was revised up by 7,000, from +36,000 to +43,000, and the change for November was revised down by 15,000, from +227,000 to +212,000. With these revisions, employment in October and November combined is 8,000 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.)

Revision of Seasonally Adjusted Household Survey Data

At the end of each calendar year, BLS updates the seasonal adjustment factors for the national labor force series derived from the household survey. As a result of this process, seasonally adjusted data for January 2020 through November 2024 were subject to revision. (Not seasonally adjusted data were not subject to revision.)

More information on this year’s revisions to seasonally adjusted household series is available at www.bls.gov/web/empsit/cps-seas-adjustment-methodology.pdf. Detailed information on the seasonal adjustment methodology is found at www.bls.gov/cps/seasonal-adjustment-methodology.htm.

Historical data for the household series contained in the A tables (A-1 through A-16) of this news release can be accessed at www.bls.gov/cps/cpsatabs.htm. Revised historical seasonally adjusted data are available at www.bls.gov/cps/data.htm and https://download.bls.gov/pub/time.series/ln.

Month As First Published As Revised Change

Source: U.S. Bureau of Labor Statistics · Original release Jan 10, 2025.

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 earlierDec 11, 2024Publication referenceJan 10, 202530 days laterFeb 9, 2025
30-year fixed mortgageNational weekly averageFreddie Mac Primary Mortgage Market Survey®6.69%Observed 6.93%Observed +24 bps vs. earlier reference6.89%Observed −4 bps vs. publication reference
10-year TreasuryDaily par yieldU.S. Department of the Treasury4.26%Observed 4.77%Observed +51 bps vs. earlier reference4.49%Observed −28 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

Oct 10, 2024 – Apr 10, 2025
Historical mortgage and Treasury observations around Jan 10, 2025Each 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.4.00%5.75%7.50%Publication date30-year fixed mortgage: 6.32% · Oct 10, 202430-year fixed mortgage: 6.44% · Oct 17, 202430-year fixed mortgage: 6.54% · Oct 24, 202430-year fixed mortgage: 6.72% · Oct 31, 202430-year fixed mortgage: 6.79% · Nov 7, 202430-year fixed mortgage: 6.78% · Nov 14, 202430-year fixed mortgage: 6.84% · Nov 21, 202430-year fixed mortgage: 6.81% · Nov 27, 202430-year fixed mortgage: 6.69% · Dec 5, 202430-year fixed mortgage: 6.60% · Dec 12, 202430-year fixed mortgage: 6.72% · Dec 19, 202430-year fixed mortgage: 6.85% · Dec 26, 202430-year fixed mortgage: 6.91% · Jan 2, 202530-year fixed mortgage: 6.93% · Jan 9, 202530-year fixed mortgage: 7.04% · Jan 16, 202530-year fixed mortgage: 6.96% · Jan 23, 202530-year fixed mortgage: 6.95% · Jan 30, 202530-year fixed mortgage: 6.89% · Feb 6, 202530-year fixed mortgage: 6.87% · Feb 13, 202530-year fixed mortgage: 6.85% · Feb 20, 202530-year fixed mortgage: 6.76% · Feb 27, 202530-year fixed mortgage: 6.63% · Mar 6, 202530-year fixed mortgage: 6.65% · Mar 13, 202530-year fixed mortgage: 6.67% · Mar 20, 202530-year fixed mortgage: 6.65% · Mar 27, 202530-year fixed mortgage: 6.64% · Apr 3, 202530-year fixed mortgage: 6.62% · Apr 10, 202510-year Treasury: 4.09% · Oct 10, 202410-year Treasury: 4.08% · Oct 11, 202410-year Treasury: 4.03% · Oct 15, 202410-year Treasury: 4.02% · Oct 16, 202410-year Treasury: 4.09% · Oct 17, 202410-year Treasury: 4.08% · Oct 18, 202410-year Treasury: 4.19% · Oct 21, 202410-year Treasury: 4.20% · Oct 22, 202410-year Treasury: 4.24% · Oct 23, 202410-year Treasury: 4.21% · Oct 24, 202410-year Treasury: 4.25% · Oct 25, 202410-year Treasury: 4.28% · Oct 28, 202410-year Treasury: 4.28% · Oct 29, 202410-year Treasury: 4.29% · Oct 30, 202410-year Treasury: 4.28% · Oct 31, 202410-year Treasury: 4.37% · Nov 1, 202410-year Treasury: 4.31% · Nov 4, 202410-year Treasury: 4.26% · Nov 5, 202410-year Treasury: 4.42% · Nov 6, 202410-year Treasury: 4.31% · Nov 7, 202410-year Treasury: 4.30% · Nov 8, 202410-year Treasury: 4.43% · Nov 12, 202410-year Treasury: 4.44% · Nov 13, 202410-year Treasury: 4.43% · Nov 14, 202410-year Treasury: 4.43% · Nov 15, 202410-year Treasury: 4.42% · Nov 18, 202410-year Treasury: 4.39% · Nov 19, 202410-year Treasury: 4.41% · Nov 20, 202410-year Treasury: 4.43% · Nov 21, 202410-year Treasury: 4.41% · Nov 22, 202410-year Treasury: 4.27% · Nov 25, 202410-year Treasury: 4.30% · Nov 26, 202410-year Treasury: 4.25% · Nov 27, 202410-year Treasury: 4.18% · Nov 29, 202410-year Treasury: 4.19% · Dec 2, 202410-year Treasury: 4.23% · Dec 3, 202410-year Treasury: 4.19% · Dec 4, 202410-year Treasury: 4.17% · Dec 5, 202410-year Treasury: 4.15% · Dec 6, 202410-year Treasury: 4.20% · Dec 9, 202410-year Treasury: 4.22% · Dec 10, 202410-year Treasury: 4.26% · Dec 11, 202410-year Treasury: 4.32% · Dec 12, 202410-year Treasury: 4.40% · Dec 13, 202410-year Treasury: 4.39% · Dec 16, 202410-year Treasury: 4.40% · Dec 17, 202410-year Treasury: 4.50% · Dec 18, 202410-year Treasury: 4.57% · Dec 19, 202410-year Treasury: 4.52% · Dec 20, 202410-year Treasury: 4.59% · Dec 23, 202410-year Treasury: 4.59% · Dec 24, 202410-year Treasury: 4.58% · Dec 26, 202410-year Treasury: 4.62% · Dec 27, 202410-year Treasury: 4.55% · Dec 30, 202410-year Treasury: 4.58% · Dec 31, 202410-year Treasury: 4.57% · Jan 2, 202510-year Treasury: 4.60% · Jan 3, 202510-year Treasury: 4.62% · Jan 6, 202510-year Treasury: 4.67% · Jan 7, 202510-year Treasury: 4.67% · Jan 8, 202510-year Treasury: 4.68% · Jan 9, 202510-year Treasury: 4.77% · Jan 10, 202510-year Treasury: 4.79% · Jan 13, 202510-year Treasury: 4.78% · Jan 14, 202510-year Treasury: 4.66% · Jan 15, 202510-year Treasury: 4.61% · Jan 16, 202510-year Treasury: 4.61% · Jan 17, 202510-year Treasury: 4.57% · Jan 21, 202510-year Treasury: 4.60% · Jan 22, 202510-year Treasury: 4.65% · Jan 23, 202510-year Treasury: 4.63% · Jan 24, 202510-year Treasury: 4.53% · Jan 27, 202510-year Treasury: 4.55% · Jan 28, 202510-year Treasury: 4.55% · Jan 29, 202510-year Treasury: 4.52% · Jan 30, 202510-year Treasury: 4.58% · Jan 31, 202510-year Treasury: 4.54% · Feb 3, 202510-year Treasury: 4.52% · Feb 4, 202510-year Treasury: 4.43% · Feb 5, 202510-year Treasury: 4.45% · Feb 6, 202510-year Treasury: 4.49% · Feb 7, 202510-year Treasury: 4.51% · Feb 10, 202510-year Treasury: 4.54% · Feb 11, 202510-year Treasury: 4.62% · Feb 12, 202510-year Treasury: 4.52% · Feb 13, 202510-year Treasury: 4.47% · Feb 14, 202510-year Treasury: 4.55% · Feb 18, 202510-year Treasury: 4.53% · Feb 19, 202510-year Treasury: 4.50% · Feb 20, 202510-year Treasury: 4.42% · Feb 21, 202510-year Treasury: 4.40% · Feb 24, 202510-year Treasury: 4.30% · Feb 25, 202510-year Treasury: 4.25% · Feb 26, 202510-year Treasury: 4.29% · Feb 27, 202510-year Treasury: 4.24% · Feb 28, 202510-year Treasury: 4.16% · Mar 3, 202510-year Treasury: 4.22% · Mar 4, 202510-year Treasury: 4.28% · Mar 5, 202510-year Treasury: 4.29% · Mar 6, 202510-year Treasury: 4.32% · Mar 7, 202510-year Treasury: 4.22% · Mar 10, 202510-year Treasury: 4.28% · Mar 11, 202510-year Treasury: 4.32% · Mar 12, 202510-year Treasury: 4.27% · Mar 13, 202510-year Treasury: 4.31% · Mar 14, 202510-year Treasury: 4.31% · Mar 17, 202510-year Treasury: 4.29% · Mar 18, 202510-year Treasury: 4.25% · Mar 19, 202510-year Treasury: 4.24% · Mar 20, 202510-year Treasury: 4.25% · Mar 21, 202510-year Treasury: 4.34% · Mar 24, 202510-year Treasury: 4.31% · Mar 25, 202510-year Treasury: 4.35% · Mar 26, 202510-year Treasury: 4.38% · Mar 27, 202510-year Treasury: 4.27% · Mar 28, 202510-year Treasury: 4.23% · Mar 31, 202510-year Treasury: 4.17% · Apr 1, 202510-year Treasury: 4.20% · Apr 2, 202510-year Treasury: 4.06% · Apr 3, 202510-year Treasury: 4.01% · Apr 4, 202510-year Treasury: 4.15% · Apr 7, 202510-year Treasury: 4.26% · Apr 8, 202510-year Treasury: 4.34% · Apr 9, 202510-year Treasury: 4.40% · Apr 10, 2025Oct 10, 2024Jan 10, 2025Apr 10, 2025
30-year fixed mortgage27 observations10-year Treasury124 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$1,981.82/month

6.93% · Jan 9, 2025

At the later reference$1,973.79/month

6.89% · Feb 6, 2025

The illustrative principal-and-interest payment is $8.03 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 →