Non-Farm Payroll Report Shows Warning Signs Amid Gov't Shutdown Noise

Published: Dec 17, 2025 22:57

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【SMM News Flash】The latest November non-farm payroll report contained significant noise, as the pace was disrupted by the federal government shutdown during this period. Although the headline employment growth (+64,000) still exceeded expectations of +50,000, the internal structure deteriorated sharply: in particular, the number of people working part-time for economic reasons surged by over a million, sending an early warning signal that the labour market is shifting from a slowdown to a recession.

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