The U.S. Bureau of Labor Statistics released the November jobs report on December 16, 2025. Commentary from Moody's Analytics immediately highlighted a "frozen" and less dynamic labor market.
Marisa DiNatale, senior director of economic research at Moody's Analytics, noted that job growth weakened and narrowed throughout 2025. The healthcare sector generated a significant portion of this growth.
This analysis points to a "no hire, no fire" environment where businesses are hesitant to either expand their workforce or let go of existing employees.
The slowdown in demand for workers stems from businesses cutting back on hiring. Simultaneously, new immigration restrictions limited the supply of workers. This combination resulted in slower job growth without a significant corresponding increase in the unemployment rate.