Headline: New York Times, 11/20/2025
Lydia DePillis reports:
As has been the case for the past two years, job growth was largely supplied by the health care industry, which added 43,000 jobs. Bars and restaurants added 37,000, an indication of robust spending on hospitality services.
Both of those sectors are tied to an economy that is aging and lately powered by higher-income consumers, who have been spending freely on discretionary services while those on the lower end of the income spectrum struggle to keep up with their bills. [emphasis added]
The side of the economy tied to goods was much weaker. Transportation and warehousing shed 25,000 jobs, potentially reflecting a drop in imports that started over the summer as tariffs kicked in. Manufacturing, which has been drifting downward since early 2023, trimmed 6,000; surveys of manufacturing companies signal a continued decline. Temporary-help services subtracted 16,000 jobs; that sector is now as small as it has been since 2012.
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