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

Jobs · ORIGINAL ECONOMIC RELEASE

November 2025 Employment Situation

Total nonfarm payroll employment changed little in November (+64,000) and has shown little net change since April, the U.S. Bureau of Labor Statistics reported today. In November, the unemployment rate, at 4.6 percent, was little…

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 changed little in November (+64,000) and has shown little net change since April, the U.S. Bureau of Labor Statistics reported today. In November, the unemployment rate, at 4.6 percent, was little changed from September. Employment rose in health care and construction in November, while federal government continued to lose jobs.

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

In November, both the unemployment rate, at 4.6 percent, and the number of unemployed people, at 7.8 million, were little changed from September. These measures are higher than last November, when the jobless rate was 4.2 percent, and the number of unemployed people was 7.1 million. (See table A-1. Household survey data for October 2025 were not collected due to the federal government shutdown. Analysis of household survey data in this news release refers to changes from September to November unless otherwise specified. For more information about the impact of the shutdown on household data, see the note at the end of this news release.)

Among the major worker groups, the unemployment rate for teenagers was 16.3 percent in November, an increase from September. The jobless rates for adult men (4.1 percent), adult women (4.1 percent), Whites (3.9 percent), Blacks (8.3 percent), Asians (3.6 percent), and Hispanics (5.0 percent) showed little change. (See tables A-1, A-2, and A-3.)

The number of people jobless less than 5 weeks was 2.5 million in November, up by 316,000 from September. The number of long-term unemployed (those jobless for 27 weeks or more) changed little at 1.9 million in November and accounted for 24.3 percent of all unemployed people. (See table A-12.)

In November, both the labor force participation rate (62.5 percent) and the employment-population ratio (59.6 percent) were little changed from September. These measures showed little or no change over the year. (See table A-1.)

The number of people employed part time for economic reasons was 5.5 million in November, an increase of 909,000 from 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, at 6.1 million in November, was little changed from 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, at 1.8 million in November, was little changed from 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 at 651,000 in November. (See Summary table A.)

Establishment Survey Data

Total nonfarm payroll employment changed little in November (+64,000) and has shown little net change since April. In November, employment rose in health care and construction. Federal government employment declined by 6,000, following a loss of 162,000 in October. (See table B-1.)

In November, health care added 46,000 jobs, in line with the average monthly gain of 39,000 over the prior 12 months. Over the month, job gains occurred in ambulatory health care services (+24,000), hospitals (+11,000), and nursing and residential care facilities (+11,000).

Construction employment grew by 28,000 in November, as nonresidential specialty trade contractors added 19,000 jobs. Construction employment had changed little over the prior 12 months.

Employment in social assistance continued to trend up in November (+18,000), primarily in individual and family services (+13,000).

In November, employment edged down in transportation and warehousing (-18,000), reflecting a job loss in couriers and messengers (-18,000). Transportation and warehousing employment has declined by 78,000 since reaching a peak in February.

Federal government employment continued to decrease in November (-6,000). This follows a sharp decline of 162,000 in October, as some federal employees who accepted a deferred resignation offer came off federal payrolls. Federal government employment is down by 271,000 since reaching a peak in January. (Federal employees on furlough during the government shutdown were counted as employed in the establishment survey because they received pay, even if later than usual, for the pay period that included the 12th of the month. Employees on paid leave or receiving ongoing severance pay are counted as employed in the establishment survey.)

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

In November, average hourly earnings for all employees on private nonfarm payrolls edged up by 5 cents, or 0.1 percent, to $36.86. Over the past 12 months, average hourly earnings have increased by 3.5 percent. In November, average hourly earnings of private-sector production and nonsupervisory employees rose by 11 cents, or 0.3 percent, to $31.76. (See tables B-3 and B-8.)

The average workweek for all employees on private nonfarm payrolls edged up by 0.1 hour to 34.3 hours in November. In manufacturing, the average workweek changed little at 40.0 hours, and overtime was unchanged at 2.9 hours. The average workweek for production and nonsupervisory employees on private nonfarm payrolls was unchanged at 33.7 hours. (See tables B-2 and B-7.)

The change in total nonfarm payroll employment for August was revised down by 22,000, from -4,000 to -26,000, and the change for September was revised down by 11,000, from +119,000 to +108,000. With these revisions, employment in August and September combined is 33,000 lower than previously reported. Due to the recent federal government shutdown, this is the first publication of October data and thus there are no revisions for October this month. (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 16, 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 earlierNov 16, 2025Publication referenceDec 16, 202530 days laterJan 15, 2026
30-year fixed mortgageNational weekly averageFreddie Mac Primary Mortgage Market Survey®6.24%Observed 6.22%Observed −2 bps vs. earlier reference6.06%Observed −16 bps vs. publication reference
10-year TreasuryDaily par yieldU.S. Department of the Treasury4.14%Observed 4.15%Observed +1 bps vs. earlier reference4.17%Observed +2 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 16, 2025 – Mar 16, 2026
Historical mortgage and Treasury observations around Dec 16, 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%5.00%6.50%Publication date30-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, 202630-year fixed mortgage: 5.98% · Feb 26, 202630-year fixed mortgage: 6.00% · Mar 5, 202630-year fixed mortgage: 6.11% · Mar 12, 202610-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, 202610-year Treasury: 4.03% · Feb 23, 202610-year Treasury: 4.04% · Feb 24, 202610-year Treasury: 4.05% · Feb 25, 202610-year Treasury: 4.02% · Feb 26, 202610-year Treasury: 3.97% · Feb 27, 202610-year Treasury: 4.05% · Mar 2, 202610-year Treasury: 4.06% · Mar 3, 202610-year Treasury: 4.09% · Mar 4, 202610-year Treasury: 4.13% · Mar 5, 202610-year Treasury: 4.15% · Mar 6, 202610-year Treasury: 4.12% · Mar 9, 202610-year Treasury: 4.15% · Mar 10, 202610-year Treasury: 4.21% · Mar 11, 202610-year Treasury: 4.27% · Mar 12, 202610-year Treasury: 4.28% · Mar 13, 202610-year Treasury: 4.23% · Mar 16, 2026Sep 16, 2025Dec 16, 2025Mar 16, 2026
30-year fixed mortgage26 observations10-year Treasury123 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$1,841.30/month

6.22% · Dec 11, 2025

At the later reference$1,810.24/month

6.06% · Jan 15, 2026

The illustrative principal-and-interest payment is $31.06 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.

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