21 November 2025
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September jobs data doesn't provide much clarity for Fed

Job growth was better than expected but there is still broad cooling in the labour market

By Edward Bell

  • The long-delayed September nonfarm payrolls report printed better than expected with 119k jobs added though there was a rise in the overall unemployment rate.
  • Estimates of prior jobs data were revised lower, suggesting the US has added far fewer jobs in 2025 than initially estimated.
  • With few additional data points ahead of the December FOMC, the Fed will remain cautious.

Click here to download the full report

Written By

Edward Bell Acting Group Head of Research and Chief Economist


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