Another month of negative job growth for November

• Revelio Public Labor Statistics (RPLS) shows the economy shed 9K jobs in November. The biggest declines were driven by the Leisure and Hospitality, Retail Trade, Transportation and Warehousing as well as Manufacturing sectors. Education and Health Services continued to add jobs and Public Administration saw a rebound over last month.

• Within these sectors, Starbucks and McDonald's (in Hospitality), Target and Walmart (in Retail) as well as AstraZeneca and Intel (in Manufacturing) saw the largest declines in employment. Employers adding the largest number of jobs on the other hand included the Universities of California and Texas as well as the States of California and New York.

• Hiring and attrition rates continued to decline. Job postings saw a further month-over-month decline of 0.3%.

• Salaries from new job postings ticked up in November, showing a 0.9% month-over-month increase, driven by jobs in Mining and Transportation.

Employment

Revelio Labs Public Labor Statistics shows that the US economy lost 9K jobs in November, a similar decline as last month, pointing to continued weakening of the economy. The sectors with the biggest increases and decreases in employment point to the further bifurcation of the labor market, with more white collar jobs remaining relatively strong, and blue collar work taking the brunt of the slowdown.

The decline in employment was driven by the Leisure and Hospitality, Retail Trade, Transportation and Warehousing as well as Manufacturing sectors. Education and Health Services continued to add jobs in the last month. Public Administration saw a rebound in November, after the sharp decline in October. Within these sectors, Starbucks and McDonald's (in Hospitality), Target and Walmart (in Retail) as well as AstraZeneca and Intel (in Manufacturing) saw the largest declines in employment. The companies driving declines in Manufacturing employment serve as a stark reminder that Manufacturing employment in the US includes production of a variety of important goods like Pharmaceuticals and Computer hardware. These companies employ a variety of workers, including high-paying white-collar jobs. Employers adding the most jobs on the other hand included the Universities of California and Texas as well as the States of California and New York.

Layoff notices

We also observe a decline in the number of employees notified with layoffs as part of the WARN layoff notices. Layoff notices decreased by ~61 % in November (from 723 in October to 281 in November). The number of employees notified with layoffs decreased from 53.8K employees in October to 28.1K in November, a 48% decline month-over-month.

Hiring & attrition

Hiring and attrition also continue to decline, though we note a slowdown in the rate of the decline over previous months. In November, the annualized hiring rate was just 21.59%, and the attrition rate stood at 21.52%. Some of the biggest declines in hiring rates can be observed in Wholesale Trade, Utilities and Professional and Business Services.

Job postings

Looking ahead at demand via our job openings data, the outlook for job seekers remains grim, as active job postings continue to decline. In particular, we see declines in the Leisure and Hospitality and Public Administration sectors. Yet, some sectors saw slight increases in job openings; mainly led by the Construction sector.

Salaries from new job openings

Salaries from new job postings ticked up slightly in November, by 0.9% compared to October 2025. Sectors driving the increase are Mining and Transportation and Warehousing. Salaries declined in Education and Health, as well as in Utilities and Leisure and Hospitality.