The latest report released by the U.S. Bureau of Labor Statistics on January 9th shows that non-farm employment in December 2025 increased by only 50,000 jobs, well below market expectations of 60,000-73,000. More notably, previous data has been continuously revised downward: November was revised from 64,000 to 56,000, and October was significantly revised from -105,000 to -173,000, resulting in a total underreporting of 76,000 jobs over these two months.

Looking back at the year's performance, a total of 584,000 jobs were added in 2025, averaging only 49,000 per month. In comparison, the 2024 growth of 2 million jobs (monthly average of 168,000) highlights a significant gap. Economist Heather Long pointed out that this is the worst non-farm employment data performance since 2003.

At the industry level, performance varies significantly across sectors. The food and beverage industry remained relatively stable, adding 27,000 jobs; healthcare and social assistance increased by 38,000, with hospitals adding 21,000 and individual household services increasing by 17,000. The retail sector contracted, losing 25,000 jobs, with warehouse clubs, supercenters, and general merchandise retail declining by a total of 19,000. Major industries such as manufacturing, construction, finance, and professional services saw little to no growth.

Weak employment data is also reflected in the unemployment rate. Although the unemployment rate slightly decreased from the revised 4.5% to 4.4%, this change mainly results from shifts in labor force participation rather than genuine improvement in the job market. This data combination provides important macroeconomic insights for the market.