I haven’t provided detailed commentary on the US labour market for a while now. To some extent the month-to-month changes are not that interesting but after a lapse, discernible trends can be detected. The US President is about to give a national address today in the context of declining poll popularity and a series of negative trends emerging. His constant narrative that everything is great and America has never been so soundly governed (by him!) is finally starting to come up against the reality of data, which has been masked a little by the government shutdown, which meant that key statistics were not published in a timely manner or are being published late. The labour market data has been so affected and the most recent release by the US Bureau of Labor Statistics (BLS) last Tuesday (December 16 , 2025) – Employment Situation Summary – November 2025 – shows a deteriorating situation and negates the political bombast coming from the President and his cronies.