In November 2025, US private payrolls experienced a significant drop of 32,000 jobs, marking the largest decline in over two and a half years. This downturn was predominantly driven by substantial job cuts in small businesses, raising alarms about the health of the job market.

Key insights include:

• 32,000 jobs lost in November, with small businesses leading the cuts.
• First signs of a potential economic slowdown as hiring patterns shift.
• Ongoing concerns about consumer demand and economic stability.

Here's the full scoop.