Government shutdown-delayed data began to trickle out. Here are five things we learned from U.S. economic data released during the week ending November 21.
Employers hired more workers than expected in September. Nonfarm payrolls expanded by a seasonally adjusted 119,000 during the month. The Bureau of Labor Statistics also revised its payroll estimates for July and August downward by a total of 33,000 jobs. Private sector employers added 97,000 jobs, including 87,000 in the service sector. The industries adding the most workers were health care/social assistance (+57,100) and leisure/hospitality (+47,000). Transportation/warehousing (-25,300) and temporary help services (-15,900) both shed workers. The average weekly earnings of $1,254.11 increased by 3.8 percent from a year earlier.
The separate household survey finds the unemployment rate increased by 1/10th of a percentage point to 4.4 percent. The labor market grew by 470,000 jobs, while the labor force participation rate added 1/10th of a percentage point to 62.4 percent. The 25-to-54 participation was unchanged at 63.7 percent. The median duration of unemployment was 10.0 weeks, up 2/10ths of a week), and there were 4.579 million people who held a part-time job for “economic reasons” (down 170,000 from August. The broadest measure of labor underutilization (the U-6 series) slipped 1/10th of a percentage point to 8.0 percent.
Existing home sales continued to struggle in October. Sales of previously owned homes increased by 1.2 percent to a seasonally adjusted annualized rate (SAAR) of 4.100 million. The National Association of Realtors’ measure was 1.7 percent higher than its year-ago figure. Sales improved in the Midwest and South during the month, remained steady in the Northeast, and declined in the West. Inventories decreased by 0.7 percent to 1.520 million homes (+10.9 percent compared to October 2024), representing a 4.4-month supply. The median sales price of $415,200 was up 2.1 percent from a year earlier.
Homebuilders were slightly more confident in November. The Housing Market Index added a point to a seasonally adjusted 38. A reading for the National Association of Home Builders measure below 50 signals that more homebuilders see the housing market as “poor” rather than “good.” The HMI improved in the South and West but declined in the Northeast and Midwest. The single-family home sales index increased by two points to 41, while the expected sales index dropped two points to 51. The prospective buyer traffic index edged up by one point to 26. The press release also noted that 41 percent of homebuilders had cut prices in November.
Consumer sentiment slipped towards a near-record low in November. The University of Michigan’s Index of Consumer Sentiment fell 2.6 points to a seasonally adjusted 51.0 (1966Q1=100). The index was 29.0 percent below its level from the same time last year. The current conditions index dropped 7.5 points to 51.1 (-20.0 percent compared to November 2024), while the expectations measure edged up 7/10ths of a point to 51.0 (-33.7 percent versus November 2024). Consumers slightly lowered their expectations for both short-term (+4.5 percent) and long-term (+3.4 percent) inflation. The press release noted that sentiment “lifted slightly” among respondents who completed the survey after the federal government shutdown ended.
Aircraft orders propped up August factory orders. The Census Bureau reports new orders for manufactured goods increased by 1.4 percent to a seasonally adjusted $612.0 billion. Orders totaled $4.850 trillion year-to-date, 3.3 percent higher than their comparable 2024 pace. Transportation goods orders rose 7.9 percent, boosted by civilian (+21.8 percent) and defense (+48.4 percent) aircraft. Net of transportation goods, factory orders were up by only 0.1 percent. Durable goods orders grew 2.9 percent, while those for nondurables declined 0.1 percent. Shipments fell 0.1 percent to $607.7 billion. Year-to-date shipments reached $4.797 trillion, up 1.1 percent from the previous year. Unfilled orders increased 0.6 percent to $1.479 trillion, while inventories remained steady at $948.4 billion.
Other U.S. economic data released over the past week:
- Jobless Claims (Week ending November 15, 2025, First-Time Claims, seasonally adjusted): 220,000 (-8,000 vs. the previous week, +4,000 vs. the same week a year earlier). 4-week moving average: 224,250 (+5.4% vs. the same week a year earlier).
- Construction Spending (August 2025, Value of Construction Put in Place, seasonally adjusted annualized rate): $2.170 trillion (+0.2% vs. July 2025; -1.6% vs. August 2024).
- International Trade (August 2025, Goods and Services Trade Deficit, seasonally adjusted): -$59.6 billion (-$18.6 billion vs. July 2025; -$11.7 billion vs. August 2024).
- Wholesale Trade (August 2025, Merchant Wholesaler Inventories, seasonally adjusted): $907.9 billion (Unchanged vs. July 2025; +1.1% vs. August 2024).
- Treasury International Capital: (September 2025, Net Foreign Purchases of U.S. Securities, not seasonally adjusted): +208.5 billion (August 2025: +196.4 billion; September 2024: +$246.2 billion.
- FOMC Minutes
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What We Learned About the U.S. Economy Last Week 