November job growth projected at 50,000, unemployment rate at 4.4%, with October data missing due to shutdown.

The U.S. Bureau of Labor Statistics will release combined October and November nonfarm payrolls data on December 16, 2025, with November job growth projected at 50,000, driven by healthcare and leisure, while October’s data is incomplete due to the government shutdown. The unemployment rate for October is unavailable, but November’s is expected at 4.4%. The shutdown disrupted collection of key data, including October’s CPI and unemployment rate—the first time the rate has been omitted. Economists attribute October’s job losses to voluntary federal departures, not layoffs, and expect the labor market to remain weak, with slowing wage growth and limited Fed rate cuts ahead.