Read our full analysis for a more in-depth look at these trends.
The Institute Employment Report: November 2025
Jobs growth slowed in November, suggesting the economy remains in “low-hire/low-fire” mode.
December 2025
Key takeaways
- An estimate of payrolls based on Bank of America internal data shows year-over-year (YoY) payroll growth decelerated to 0.2% in November, easing from the 0.5% YoY growth in September and October. But the growth in the number of households receiving unemployment benefits remained around 10% YoY in November, suggesting in our view that the labor market remains in a “low-hire, low-fire” mode.
- After-tax wage and salary growth rose across income cohorts in November, with higher-income households at 4.0% YoY, middle-income at 2.3% YoY, and lower-income at just 1.4% YoY.
- It appears that the easing in lower-income households’ wage growth may have leveled off, but a large gap between lower-income households’ wage growth and higher-income households’ wage growth remains.
Additional Materials:
Get the latest from Bank of America
Institute delivered right to your inbox.
