U.S. job growth showed mixed signals as November nonfarm payrolls rose by 64,000—slightly above expectations—but followed a sharp downward revision and losses in prior months. October payrolls fell by 105,000, largely due to steep government job cuts tied to delayed layoffs from earlier in the year. The unemployment rate climbed to 4.6%, its highest level since September 2021, while a broader measure of underemployment rose to 8.7%.

Job gains remain narrowly concentrated, with health care accounting for more than 70% of November’s growth, alongside increases in construction and social assistance. Meanwhile, transportation, warehousing, leisure, and hospitality continued to lose jobs. Revisions showed weaker employment trends in August and September, reinforcing signs of a sluggish labor market marked by low hiring and low firing.

With the labor market weakening, Bonds have been seen as more of a safe haven for investors and the Bond market accelerated on the weaker BLS Jobs data. As bonds increase in price, mortgage interest rates improve and help buyers gain affordability.

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