Pantheon Macroeconomics

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17th Nov 2025 18:51USDaily Monitor
  • We expect a 50K increase in September payrolls and a 75K rise in private jobs, lifted by residual seasonality.
  • The unemployment rate usually drops in September, but surveys point to a deteriorating trend.
  • Growth in average hourly earnings likely was limited by a calendar quirk, but the trend is slowing too. 

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Keywords for: 19 November 2025 US Monitor

independent macro research, Pantheon Macro, Pantheon Macroeconomics, independent research, ian shepherdson, economic intelligence