Image Source: Pixabay
 

We don’t have BLS reports but we do have ADP and Revelio.

Revelio nonfarm payrolls
 

Please consider the Revelio Labs Nonfarm Payroll Report for November 2025.

Non-farm employment measures the total employment in the US (public and private) leveraging individual level data collected from online professional profiles. The monthly change in this total employment is a proxy for number of jobs added in the economy during the month. In November, the US economy lost 9 thousand jobs, predominantly driven by employment losses in the retail trade and manufacturing sectors.

Tariffs went into effect in April with May the first full month on inpact.

Nonfarm Payroll Changes by Month

• 2025-05: -35,000
• 2025-06: -9,000
• 2025-07: +20,000
• 2025-08: -40,000
• 2025-09: +38,000
• 2025-10: -15,000
• 2025-11: -9,000

January-April: +240,000
May-November: -50,000

Please note Bad jobs report caused by shutdown, deportations — not tariffs, Lutnick says

Excuse me for pointing out that poor jobs reports in 2025 started with Trump’s tariffs.

Month-Over-Month Change in Nonfarm Payrolls by Industry
 

Revelio nonfarm payrolls change by sector month-over-month
 

Education and Health Services was the big winner in November. That’s not good news.
 

Year-Over-Year Change in Nonfarm Payrolls by Industry
 

Revelio nonfarm payrolls change by sector year-over-year
 

Revelio Labs Employment Change from Year Ago
 

Revelio nonfarm payrolls change year-over-year

Key Year-Over-Year Results

• Total Nonfarm payrolls are up by 186,000 from a year ago.
• Education and Health Services provided 436,400 of the total. Combined, everything else is negative.
• Financial Activities gained 146,300
• Professional and Business Services gained 94,600
• Leisure and Hospitality was the big loser, down 261,600.
• Retail Trade dropped 98,300.
• Manufacturing shed 73,900

Trump is no responsible for the huge decline from 2022 through 2024.

However, Trump must take ownership for 2025. He bragged multiple time he would improve jobs, inflation, and manufacturing.

He improved none of the above, and is getting hammered in polls and surveys for that.

Related Posts

December 4, 2025: Challenger Reports Employers Announced 71,321 Job Cuts in November

Announcements imply future, not immediate, layoffs and unemployment claims.

No Surprise

None of this is a surprise. I have been discussing, and predicting this all year.

The tariff impact on small businesses is starting to take a big toll on small businesses.

Unlike large employers, small businesses have fewer means of tariff avoidance and less ability to hold inventory or eat the tariffs.

December 5, 2025: Welcome to Tariff Complexity Hell, No One Knows What Trump Will Do

Tariffs are a tax, and complexity adds to that tax.

December 3, 2025 : Small Businesses Drop 120,000 Jobs in November, ADP Total Down 32,000

It’s another grim month according to ADP.

Change in Small, Medium, Large Employment Details

• Small: -197,000
• Medium: +275,000
• Large: +1,012,000

Not a bit of this is a surprise to any thinking person. And Trump owns all of it for overpromising and underdelivering.

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