Markets are digesting multiple labor market reports released this morning.
Initial jobless claims were 220,000 last week, a relatively mild level and below the 227,000 expected. The number of continuing unemployment claims was more than expected though at 1.974 million. With the shutdown in the rearview mirror, the government also released the September jobs report, which showed much higher growth in nonfarm payrolls than expected (119,000 vs. 51,000), including 97,000 jobs added to private sector payrolls. The unemployment rate rose to 4.4% (up 12 basis points unrounded), but the increase was largely attributable to a 470,000 increase in the official labor force (the denominator).
Yesterday, the market priced for reduced odds of a December rate cut after the minutes of the October 19 FOMC meeting revealed that the bulk of the participants were leaning toward holding steady at the next meeting. In the initial reaction to this morning’s data, front-end Treasury yields are down 2 basis points, perhaps responding to the uptick in the unemployment rate. However, the data released this morning in aggregate doesn’t depict clear deterioration of the labor market.
Jason Haley
Chief Investment Officer
| Date | Event | Survey | Actual | Prior |
| 11/20/2025 | Initial Claims 4-Wk Moving Avg | — | 224.25k | — |
| 11/20/2025 | Continuing Claims | 1950k | 1974k | — |
| 11/20/2025 | Change in Nonfarm Payrolls | 51k | 119k | 22k |
| 11/20/2025 | Two-Month Payroll Net Revision | — | -33k | -21k |
| 11/20/2025 | Change in Private Payrolls | 65k | 97k | 38k |
| 11/20/2025 | Change in Manufact. Payrolls | -7k | -6k | -12k |
| 11/20/2025 | Nonfarm Payrolls 3-Mo Avg Chg | — | 62k | 29k |
| 11/20/2025 | Unemployment Rate | 4.30% | 4.40% | 4.30% |
| 11/20/2025 | Labor Force Participation Rate | 62.30% | 62.40% | 62.30% |
| 11/20/2025 | Average Hourly Earnings MoM | 0.30% | 0.20% | 0.30% |
| 11/20/2025 | Average Hourly Earnings YoY | 3.70% | 3.80% | 3.70% |
| 11/20/2025 | Average Weekly Hours All Employees | 34.2 | 34.2 | 34.2 |
| 11/20/2025 | Underemployment Rate | — | 8.00% | 8.10% |
| 11/20/2025 | Philadelphia Fed Business Outlook | 1 | -1.7 | -12.8 |
| 11/20/2025 | Initial Jobless Claims | — | 228k | — |
| 11/20/2025 | Initial Jobless Claims | 227k | 220k | 228k |
| 11/20/2025 | Leading Index Delayed by Government Shutdown | |||
| 11/20/2025 | Existing Home Sales | 4.08m | — | 4.06m |
| 11/20/2025 | Existing Home Sales MoM | 0.50% | — | 1.50% |
| 11/20/2025 | Kansas City Fed Manf. Activity | 3 | — | 6 |
| 11/20/2025-12/19/2025 | Housing Starts | 1329k | — | 1307k |
| 11/20/2025-12/19/2025 | Advance Goods Trade Balance | — | — | -$85.5b |
| 11/20/2025-12/19/2025 | Advance Goods Exports MoM SA | — | — | -1.30% |
| 11/20/2025-12/19/2025 | Advance Goods Imports MoM SA | — | — | -7.00% |
| 11/20/2025-12/19/2025 | Building Permits | 1347k | — | 1330k |
| 11/20/2025-12/19/2025 | Housing Starts MoM | 1.70% | — | — |
| 11/20/2025-12/19/2025 | Building Permits MoM | 1.30% | — | — |
| 11/20/2025-12/19/2025 | Retail Inventories MoM | — | — | — |
| 11/20/2025-11/21/2025 | Federal Budget Balance | -$230.0b | — | -$257.5b |
| 11/20/2025-12/19/2025 | New Home Sales | — | — | — |
| 11/20/2025-12/19/2025 | New Home Sales MoM | — | — | — |
| 11/21/2025 | Bloomberg Nov. United States Economic Survey | |||
| 11/21/2025 | Real Avg Hourly Earning YoY | — | — | 0.70% |
| 11/21/2025 | Real Avg Weekly Earnings YoY | — | — | 0.40% |
| 11/21/2025 | S&P Global US Manufacturing PMI | 52 | — | 52.5 |
| 11/21/2025 | S&P Global US Services PMI | 54.6 | — | 54.8 |
| 11/21/2025 | S&P Global US Composite PMI | 54.6 | — | 54.6 |
| 11/21/2025 | U. of Mich. Sentiment | 50.6 | — | 50.3 |
| 11/21/2025 | U. of Mich. Current Conditions | — | — | 52.3 |
| 11/21/2025 | U. of Mich. Expectations | — | — | 49 |
| 11/21/2025 | U. of Mich. 1 Yr Inflation | — | — | 4.70% |
| 11/21/2025 | U. of Mich. 5-10 Yr Inflation | 3.60% | — | 3.60% |
| 11/21/2025 | Wholesale Inventories MoM | — | — | — |
| 11/21/2025 | Wholesale Trade Sales MoM | — | — | — |
| 11/21/2025 | Kansas City Fed Services Activity | — | — | -5 |
| 11/24/2025 | Chicago Fed Nat Activity Index | — | — | — |
| 11/24/2025 | Dallas Fed Manf. Activity | — | — | -5 |
| 11/24/2025 | Fed Releases Annual Revision to Industrial Production | |||
| 11/25/2025 | Philadelphia Fed Non-Manufacturing Activity | — | — | -22.2 |
| 11/25/2025 | Retail Sales Advance MoM | — | — | 0.60% |
| 11/25/2025 | Retail Sales Ex Auto MoM | — | — | — |
| 11/25/2025 | Retail Sales Ex Auto and Gas | — | — | — |
| 11/25/2025 | Retail Sales Control Group | — | — | — |
| 11/25/2025 | PPI Final Demand MoM | — | — | -0.10% |
| 11/25/2025 | PPI Ex Food and Energy MoM | — | — | -0.10% |
| 11/25/2025 | PPI Ex Food, Energy, Trade MoM | — | — | 0.30% |
| 11/25/2025 | PPI Final Demand YoY | — | — | 2.60% |
| 11/25/2025 | PPI Ex Food and Energy YoY | — | — | 2.80% |
| 11/25/2025 | PPI Ex Food, Energy, Trade YoY | — | — | 2.80% |
| 11/25/2025 | FHFA House Price Index MoM | — | — | 0.40% |
| 11/25/2025 | House Price Purchase Index QoQ | — | — | 0.00% |
| 11/25/2025 | S&P Cotality CS 20-City MoM SA | — | — | 0.19% |
| 11/25/2025 | S&P Cotality CS 20-City YoY NSA | — | — | 1.58% |
| 11/25/2025 | S&P Cotality CS US HPI YoY NSA | — | — | 1.51% |
| 11/25/2025 | Business Inventories | — | — | 0.20% |
| 11/25/2025 | Richmond Fed Manufact. Index | — | — | -4 |
| 11/25/2025 | Richmond Fed Business Conditions | — | — | -1 |
| 11/25/2025 | Conf. Board Consumer Confidence | 93.3 | — | 94.6 |
| 11/25/2025 | Conf. Board Present Situation | — | — | 129.3 |
| 11/25/2025 | Conf. Board Expectations | — | — | 71.5 |
| 11/25/2025 | Pending Home Sales MoM | — | — | 0.00% |
| 11/25/2025 | Pending Home Sales NSA YoY | — | — | 1.50% |
| 11/25/2025 | Dallas Fed Services Activity | — | — | -9.4 |
| 11/26/2025 | MBA Mortgage Applications | — | — | -5.20% |
| 11/26/2025 | Initial Jobless Claims | — | — | 220k |
| 11/26/2025 | Initial Claims 4-Wk Moving Avg | — | — | 224.25k |
| 11/26/2025 | Continuing Claims | — | — | 1974k |
| 11/26/2025 | GDP Annualized QoQ | — | — | — |
| 11/26/2025 | Personal Consumption | — | — | — |
| 11/26/2025 | GDP Price Index | — | — | — |
| 11/26/2025 | Core PCE Price Index QoQ | — | — | — |
| 11/26/2025 | Durable Goods Orders | — | — | 2.90% |
| 11/26/2025 | Durables Ex Transportation | — | — | 0.30% |
| 11/26/2025 | Cap Goods Ship Nondef Ex Air | — | — | -0.40% |
| 11/26/2025 | Cap Goods Orders Nondef Ex Air | — | — | 0.40% |
| 11/26/2025 | MNI Chicago PMI | — | — | 43.8 |
| 11/26/2025 | Personal Income | — | — | — |
| 11/26/2025 | Personal Spending | — | — | — |
| 11/26/2025 | Real Personal Spending | — | — | — |
| 11/26/2025 | PCE Price Index MoM | — | — | — |
| 11/26/2025 | PCE Price Index YoY | — | — | — |
| 11/26/2025 | Core PCE Price Index MoM | — | — | — |
| 11/26/2025 | Core PCE Price Index YoY | — | — | — |
| 11/26/2025 | Fed Releases Beige Book | |||
| 11/26/2025-12/24/2025 | Leading Index | — | — | — |