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

Jobs · ORIGINAL ECONOMIC RELEASE

September 2025 Employment Situation

Total nonfarm payroll employment edged up by 119,000 in September but has shown little change since April, the U.S. Bureau of Labor Statistics reported today. The unemployment rate, at 4.4 percent, changed little in September.…

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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Historical release narrative reproduced from the official public-domain source. Statistical tables, standard technical appendices, administrative material and attendance rosters are omitted; formatting is adapted for reading. Figures retain the release's historical context and may have been revised. Consult the linked source for the complete document.

Total nonfarm payroll employment edged up by 119,000 in September but has shown little change since April, the U.S. Bureau of Labor Statistics reported today. The unemployment rate, at 4.4 percent, changed little in September. Employment continued to trend up in health care, food services and drinking places, and social assistance. Job losses occurred in transportation and warehousing and in federal government.

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

Both the unemployment rate, at 4.4 percent, and the number of unemployed people, at 7.6 million, changed little in September. These measures are higher than a year earlier, when the jobless rate was 4.1 percent, and the number of unemployed people was 6.9 million. (See table A-1.)

Among the major worker groups, the unemployment rates for adult women (4.2 percent) and Asians (4.4 percent) increased in September. The jobless rates for adult men (4.0 percent), teenagers (13.2 percent), Whites (3.8 percent), Blacks (7.5 percent), and Hispanics (5.5 percent) showed little or no change over the month. (See tables A-1, A-2, and A-3.)

The number of long-term unemployed (those jobless for 27 weeks or more) changed little at 1.8 million in September. The long-term unemployed accounted for 23.6 percent of all unemployed people. (See table A-12.)

The labor force participation rate, at 62.4 percent, changed little over the month and over the year. The employment-population ratio, at 59.7 percent, also changed little in September but was down by 0.4 percentage point over the year. (See table A-1.)

The number of people employed part time for economic reasons, at 4.6 million, changed little in September. 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 decreased by 421,000 to 5.9 million in September. 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 changed little at 1.7 million in September. 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, also changed little over the month at 557,000. (See Summary table A.)

Establishment Survey Data

Total nonfarm payroll employment edged up by 119,000 in September but has shown little change since April. In September, employment continued to trend up in health care, food services and drinking places, and social assistance. Job losses occurred in transportation and warehousing and in federal government. (See table B-1.)

In September, health care added 43,000 jobs, about the same as the average monthly gain of 42,000 over the prior 12 months. Over the month, employment gains occurred in ambulatory health care services (+23,000) and hospitals (+16,000).

Employment in food services and drinking places continued to trend up in September (+37,000).

In September, social assistance employment continued to trend up (+14,000), reflecting continued job growth in individual and family services (+20,000).

Employment in transportation and warehousing declined by 25,000 in September as job losses occurred in warehousing and storage (-11,000) and couriers and messengers (-7,000).

Federal government employment continued to decline in September (-3,000) and is down by 97,000 since reaching a peak in January. (Employees on paid leave or receiving ongoing severance pay are counted as employed in the establishment survey.)

Employment showed little or no change over the month in other major industries, including mining, quarrying, and oil and gas extraction; construction; manufacturing; wholesale trade; retail trade; information; financial activities; professional and business services; and other services.

Average hourly earnings for all employees on private nonfarm payrolls rose by 9 cents, or 0.2 percent, to $36.67 in September. Over the past 12 months, average hourly earnings have increased by 3.8 percent. In September, average hourly earnings of private-sector production and nonsupervisory employees rose by 8 cents, or 0.3 percent, to $31.53. (See tables B-3 and B-8.)

In September, the average workweek for all employees on private nonfarm payrolls was unchanged at 34.2 hours. In manufacturing, the average workweek changed little at 39.9 hours, and overtime was unchanged at 2.9 hours. The average workweek for production and nonsupervisory employees on private nonfarm payrolls edged up by 0.1 hour to 33.7 hours in September. (See tables B-2 and B-7.)

The change in total nonfarm payroll employment for July was revised down by 7,000, from +79,000 to +72,000, and the change for August was revised down by 26,000, from +22,000 to -4,000. With these revisions, employment in July and August combined is 33,000 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 Nov 20, 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 earlierOct 21, 2025Publication referenceNov 20, 202530 days laterDec 20, 2025
30-year fixed mortgageNational weekly averageFreddie Mac Primary Mortgage Market Survey®6.27%Observed 6.26%Observed −1 bps vs. earlier reference6.21%Observed −5 bps vs. publication reference
10-year TreasuryDaily par yieldU.S. Department of the Treasury3.98%Observed 4.10%Observed +12 bps vs. earlier reference4.16%Observed +6 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

Aug 20, 2025 – Feb 20, 2026
Historical mortgage and Treasury observations around Nov 20, 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.3.50%5.25%7.00%Publication date30-year fixed mortgage: 6.58% · Aug 21, 202530-year fixed mortgage: 6.56% · Aug 28, 202530-year fixed mortgage: 6.50% · Sep 4, 202530-year fixed mortgage: 6.35% · Sep 11, 202530-year fixed mortgage: 6.26% · Sep 18, 202530-year fixed mortgage: 6.30% · Sep 25, 202530-year fixed mortgage: 6.34% · Oct 2, 202530-year fixed mortgage: 6.30% · Oct 9, 202530-year fixed mortgage: 6.27% · Oct 16, 202530-year fixed mortgage: 6.19% · Oct 23, 202530-year fixed mortgage: 6.17% · Oct 30, 202530-year fixed mortgage: 6.22% · Nov 6, 202530-year fixed mortgage: 6.24% · Nov 13, 202530-year fixed mortgage: 6.26% · Nov 20, 202530-year fixed mortgage: 6.23% · Nov 26, 202530-year fixed mortgage: 6.19% · Dec 4, 202530-year fixed mortgage: 6.22% · Dec 11, 202530-year fixed mortgage: 6.21% · Dec 18, 202530-year fixed mortgage: 6.18% · Dec 24, 202530-year fixed mortgage: 6.15% · Dec 31, 202530-year fixed mortgage: 6.16% · Jan 8, 202630-year fixed mortgage: 6.06% · Jan 15, 202630-year fixed mortgage: 6.09% · Jan 22, 202630-year fixed mortgage: 6.10% · Jan 29, 202630-year fixed mortgage: 6.11% · Feb 5, 202630-year fixed mortgage: 6.09% · Feb 12, 202630-year fixed mortgage: 6.01% · Feb 19, 202610-year Treasury: 4.29% · Aug 20, 202510-year Treasury: 4.33% · Aug 21, 202510-year Treasury: 4.26% · Aug 22, 202510-year Treasury: 4.28% · Aug 25, 202510-year Treasury: 4.26% · Aug 26, 202510-year Treasury: 4.24% · Aug 27, 202510-year Treasury: 4.22% · Aug 28, 202510-year Treasury: 4.23% · Aug 29, 202510-year Treasury: 4.28% · Sep 2, 202510-year Treasury: 4.22% · Sep 3, 202510-year Treasury: 4.17% · Sep 4, 202510-year Treasury: 4.10% · Sep 5, 202510-year Treasury: 4.05% · Sep 8, 202510-year Treasury: 4.08% · Sep 9, 202510-year Treasury: 4.04% · Sep 10, 202510-year Treasury: 4.01% · Sep 11, 202510-year Treasury: 4.06% · Sep 12, 202510-year Treasury: 4.05% · Sep 15, 202510-year Treasury: 4.04% · Sep 16, 202510-year Treasury: 4.06% · Sep 17, 202510-year Treasury: 4.11% · Sep 18, 202510-year Treasury: 4.14% · Sep 19, 202510-year Treasury: 4.15% · Sep 22, 202510-year Treasury: 4.12% · Sep 23, 202510-year Treasury: 4.16% · Sep 24, 202510-year Treasury: 4.18% · Sep 25, 202510-year Treasury: 4.20% · Sep 26, 202510-year Treasury: 4.15% · Sep 29, 202510-year Treasury: 4.16% · Sep 30, 202510-year Treasury: 4.12% · Oct 1, 202510-year Treasury: 4.10% · Oct 2, 202510-year Treasury: 4.13% · Oct 3, 202510-year Treasury: 4.18% · Oct 6, 202510-year Treasury: 4.14% · Oct 7, 202510-year Treasury: 4.13% · Oct 8, 202510-year Treasury: 4.14% · Oct 9, 202510-year Treasury: 4.05% · Oct 10, 202510-year Treasury: 4.03% · Oct 14, 202510-year Treasury: 4.05% · Oct 15, 202510-year Treasury: 3.99% · Oct 16, 202510-year Treasury: 4.02% · Oct 17, 202510-year Treasury: 4.00% · Oct 20, 202510-year Treasury: 3.98% · Oct 21, 202510-year Treasury: 3.97% · Oct 22, 202510-year Treasury: 4.01% · Oct 23, 202510-year Treasury: 4.02% · Oct 24, 202510-year Treasury: 4.01% · Oct 27, 202510-year Treasury: 3.99% · Oct 28, 202510-year Treasury: 4.08% · Oct 29, 202510-year Treasury: 4.11% · Oct 30, 202510-year Treasury: 4.11% · Oct 31, 202510-year Treasury: 4.13% · Nov 3, 202510-year Treasury: 4.10% · Nov 4, 202510-year Treasury: 4.17% · Nov 5, 202510-year Treasury: 4.11% · Nov 6, 202510-year Treasury: 4.11% · Nov 7, 202510-year Treasury: 4.13% · Nov 10, 202510-year Treasury: 4.08% · Nov 12, 202510-year Treasury: 4.11% · Nov 13, 202510-year Treasury: 4.14% · Nov 14, 202510-year Treasury: 4.13% · Nov 17, 202510-year Treasury: 4.12% · Nov 18, 202510-year Treasury: 4.13% · Nov 19, 202510-year Treasury: 4.10% · Nov 20, 202510-year Treasury: 4.06% · Nov 21, 202510-year Treasury: 4.04% · Nov 24, 202510-year Treasury: 4.01% · Nov 25, 202510-year Treasury: 4.00% · Nov 26, 202510-year Treasury: 4.02% · Nov 28, 202510-year Treasury: 4.09% · Dec 1, 202510-year Treasury: 4.09% · Dec 2, 202510-year Treasury: 4.06% · Dec 3, 202510-year Treasury: 4.11% · Dec 4, 202510-year Treasury: 4.14% · Dec 5, 202510-year Treasury: 4.17% · Dec 8, 202510-year Treasury: 4.18% · Dec 9, 202510-year Treasury: 4.13% · Dec 10, 202510-year Treasury: 4.14% · Dec 11, 202510-year Treasury: 4.19% · Dec 12, 202510-year Treasury: 4.18% · Dec 15, 202510-year Treasury: 4.15% · Dec 16, 202510-year Treasury: 4.16% · Dec 17, 202510-year Treasury: 4.12% · Dec 18, 202510-year Treasury: 4.16% · Dec 19, 202510-year Treasury: 4.17% · Dec 22, 202510-year Treasury: 4.18% · Dec 23, 202510-year Treasury: 4.15% · Dec 24, 202510-year Treasury: 4.14% · Dec 26, 202510-year Treasury: 4.12% · Dec 29, 202510-year Treasury: 4.14% · Dec 30, 202510-year Treasury: 4.18% · Dec 31, 202510-year Treasury: 4.19% · Jan 2, 202610-year Treasury: 4.17% · Jan 5, 202610-year Treasury: 4.18% · Jan 6, 202610-year Treasury: 4.15% · Jan 7, 202610-year Treasury: 4.19% · Jan 8, 202610-year Treasury: 4.18% · Jan 9, 202610-year Treasury: 4.19% · Jan 12, 202610-year Treasury: 4.18% · Jan 13, 202610-year Treasury: 4.15% · Jan 14, 202610-year Treasury: 4.17% · Jan 15, 202610-year Treasury: 4.24% · Jan 16, 202610-year Treasury: 4.30% · Jan 20, 202610-year Treasury: 4.26% · Jan 21, 202610-year Treasury: 4.26% · Jan 22, 202610-year Treasury: 4.24% · Jan 23, 202610-year Treasury: 4.22% · Jan 26, 202610-year Treasury: 4.24% · Jan 27, 202610-year Treasury: 4.26% · Jan 28, 202610-year Treasury: 4.24% · Jan 29, 202610-year Treasury: 4.26% · Jan 30, 202610-year Treasury: 4.29% · Feb 2, 202610-year Treasury: 4.28% · Feb 3, 202610-year Treasury: 4.29% · Feb 4, 202610-year Treasury: 4.21% · Feb 5, 202610-year Treasury: 4.22% · Feb 6, 202610-year Treasury: 4.22% · Feb 9, 202610-year Treasury: 4.16% · Feb 10, 202610-year Treasury: 4.18% · Feb 11, 202610-year Treasury: 4.09% · Feb 12, 202610-year Treasury: 4.04% · Feb 13, 202610-year Treasury: 4.05% · Feb 17, 202610-year Treasury: 4.09% · Feb 18, 202610-year Treasury: 4.08% · Feb 19, 202610-year Treasury: 4.08% · Feb 20, 2026Aug 20, 2025Nov 20, 2025Feb 20, 2026
30-year fixed mortgage27 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$1,849.10/month

6.26% · Nov 20, 2025

At the later reference$1,839.35/month

6.21% · Dec 18, 2025

The illustrative principal-and-interest payment is $9.75 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 →