November U.S. Employment Report: Number of People Employed Slightly Exceeds Market Expectations, Unemployment Rate Worsens

Recently NHK News on-line reported the following:

(Source: NHK)

11月の米雇用統計 就業者数は市場予想やや上回る 失業率は悪化

2025年12月16日午後10時56分

(2025年12月17日午前0時28分更新)

アメリカ

円相場や株価に影響を及ぼすアメリカの雇用統計が発表され、先月の失業率は4.6％と、およそ4年ぶりの高い水準となりました。FRB＝連邦準備制度理事会は先週、雇用情勢の減速を受けて利下げを決定していて、その判断が裏付けられた形です。

アメリカ労働省が16日、発表した先月の雇用統計によりますと、景気の動向を敏感に示す農業分野以外の就業者は、前の月から6万4000人増加し、市場の予想をやや上回りました。

ことし10月分は、過去最長となった政府機関の一部閉鎖の影響で多くの職員が退職したため、前の月から10万5000人の減少でした。

また、先月の失業率は、ことし9月と比べて0.2ポイント悪化し、4.6％でした。

これは、2021年9月以来、およそ4年ぶりの高い水準で、ことし7月以降、上昇傾向が続いています。

FRBは、先週開いた金融政策を決める会合で雇用情勢の減速を受けて利下げを決定していて、その判断が裏付けられた形です。

ただ、今回の雇用統計は政府機関の一部閉鎖の影響で発表が遅れたうえ、通常よりも回答率が低く、雇用情勢の減速傾向が今後も続くかどうかが焦点となります。

Translation

November U.S. Employment Report: Number of People Employed Slightly Exceeds Market Expectations, Unemployment Rate Worsens

December 16, 2025, 10:56 PM

(Updated December 17, 2025, 12:28 AM)

U.S.

The U.S. employment report, which influenced the yen and stock prices, showed last month's unemployment rate at 4.6%, the highest level in nearly four years. The Federal Reserve Board decided last week to lower interest rates in response to a slowdown in the employment situation, and this decision appeared to have been confirmed.

According to last month's employment report released by the U.S. Department of Labor on the 16th, non-agricultural employment, a sensitive indicator of economic trends, increased by 64,000 from the previous month, slightly exceeding market expectations.

October's employment figures showed a decrease of 105,000 from the previous month due to many employees leaving the government following the longest-ever partial government shutdown.

Additionally, last month's unemployment rate compared to September of this year worsened by 0.2 percentage points to reach 4.6%.

This was the highest level in approximately four years since September 2021, and continued an upward trend since July of this year.

The Federal Reserve Board decided to cut interest rates in response to the slowing employment situation at its monetary policy meeting held last week, and this appeared to confirm that decision.

However, the release of this week's employment statistics was delayed due to the partial government shutdown, and the response rate was lower than usual, so the focus would be on whether the slowing employment trend could continue.

So, last month's unemployment rate in the US was 4.6%, the highest level in nearly four years. The Federal Reserve Board decided last week to lower interest rates in response to a slowdown in the employment situation. Probably, stock buyers’ attention will now focus on whether the slowing employment trend will continue.