BGSF December Jobs Report: A Muddy Finish to a Quiet Year

The 2025 labor market ended not with a bang, but with a series of competing signals that have even the most seasoned analysts double-checking their notes. Depending on which page of the December report you read, you’re either looking at a market in a deep freeze or one that’s showing surprising resilience.

Total nonfarm payrolls rose by just 50,000 in December, trailing behind both November’s revised figures and analyst expectations. Yet, in a twist that defines this "muddy" economic landscape, the household survey showed an increase of 232,000 employed people, and the unemployment rate actually fell to 4.4%.

It’s a tale of two surveys, and for the Rental and Leasing sector, the news is even more distinct.

The Big Picture: By the Numbers

• Nonfarm Payrolls: +50,000 (Short of the 73k estimate).

• Unemployment Rate: 4.4% (Lower than the 4.5% forecast).

• Wage Growth: Average hourly earnings rose 0.3% for the month, keeping the annual increase at a steady 3.8%.

The Leasing & Rental Rebound

While the national headline number was soft, the Rental and Leasing Services industry remains a significant outlier. This sector added 3,200 jobs in December, bringing its year-over-year growth to +6,800.

"While the national headline of 50,000 jobs suggests a market in a deep chill, our corner of the world—the Rental and Leasing sector—is telling a much more resilient story," says Kelly Brown, President and Co-CEO of BGSF. "Adding 3,200 jobs in a single month is significant; it shows that even as broader hiring slows, the demand for agility in how people live and how businesses operate hasn't wavered. We are seeing a market that isn't just 'holding on,' but one that is actively recruiting to meet the consistent year-over-year growth we’ve seen in this space. For our partners, this means the talent is out there, but the competition for the best leasing professionals remains as sharp as ever."

What This Means for You

For Employers: The Retention Pivot With layoff announcements at their lowest level since July 2024 (per Challenger, Gray & Christmas), companies aren't cutting—but they aren't exactly "buying" new talent in bulk either. The focus has shifted to the long-term.

"The December data confirms that we are in a 'wait and see' economy," says Melissa Phillips, Chief Digital Officer at BGSF. "Employers aren't rushing to fill every open seat, but they are incredibly protective of their high-performers. Now is the time to audit your digital candidate experience. If your hiring process is clunky, the top-tier talent—who now have fewer options—will simply look elsewhere."

For Job Seekers: Mind the Gap The "muddy" nature of this report is a reminder that the job search is getting longer. The share of people without a job for 27 weeks or longer hit 26% in December—the highest since early 2022. If you are looking, don't just look at the headline "slowdown." Look at the industries like Leasing and Rental that are actively bucking the trend.

Looking Ahead to 2026

We are entering a year where "quiet" will likely be the operative word. Between a lower labor force participation rate (62.4%) and steady wage growth, the power dynamic is reaching a rare equilibrium.

At BGSF, we’re here to help both employers and candidates navigate this transition. Whether you're looking to build your team or your career, we’ve got the insights and expertise to guide your next move. Connect with us today!

About BGSF

BGSF is a leading workforce solutions provider that connects employers with top talent across multifamily and commercial property management, providing workforce and staffing solutions. With a commitment to building strong partnerships, BGSF delivers innovative staffing strategies that empower businesses and job seekers alike.

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