Updated

Updated · Econbrowser · Jun 2

QCEW Confirms Flat 2025 U.S. Employment, Showing December Decline Before August Revision

Updated

Updated · Econbrowser · Jun 2

QCEW Confirms Flat 2025 U.S. Employment, Showing December Decline Before August Revision

1 articles · Updated · Econbrowser · Jun 2

End-2025 QCEW data backed the BLS view that U.S. nonfarm employment was essentially flat through 2025, while seasonally adjusted figures pointed to a drop in December.
March-April appears to have marked the employment peak, with year-end payrolls slipping below that level in the QCEW series.
November 2025 was the apparent peak in the CPS household survey, which then showed a December decline that continued through April, though the report treats that series as more volatile and less reliable.
August's preliminary benchmark revision will fold in the new QCEW data, making it the next key checkpoint for any official payroll revisions.

Sources

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