Read our full analysis for a more in-depth look at these trends.
The Institute Employment Report: October 2025
According to Bank of America internal data, jobs growth held steady in October, with easing wage pressures and no spike in unemployment.
November 2025
Key takeaways
- Bank of America internal data suggests that, in our view, there was no significant further slowdown in the labor market in October.
- An estimate of payrolls based on Bank of America internal data shows year-over-year (YoY) payroll growth held steady at around 0.5% in October, the same growth rate as in September. And the number of households receiving unemployment benefits increased by around 10% YoY, a slight easing from September, suggesting no acceleration in job losses.
- After-tax wage and salary growth slowed in October, with higher-income households at 3.7% YoY, middle-income at 2.0%, and lower-income at just 1.0%, pointing to easing pay pressures.
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