BGSF November Jobs Report: Signals in the Slowdown

 “Growth in rental, leasing, and construction may seem modest on the surface — but these are green shoots. We view these upticks as early indicators of larger economic movement, potentially setting the stage for a stronger 2026.”

— Kelly Brown, Co-CEO, BGSF

The November jobs report is a mixed bag — but if you look closely, you’ll find signals worth paying attention to.

After shedding an estimated 105,000 jobs in October, the U.S. economy added 64,000 jobs in November, outpacing economists’ expectations of 40,000. That’s a pivot in the right direction — but let’s not sugarcoat it: this is slow growth. And when paired with a rising unemployment rate, now at 4.6% (a four-year high), it paints a picture of a labor market entering a new phase of uncertainty.

At BGSF, we’re watching the details — not just the headlines.

🔍 Where the Jobs Are (and Aren’t)

November’s modest gains were concentrated in healthcare (+46,000) and construction (+28,000), two sectors we know well.

In construction, job growth was primarily driven by nonresidential specialty trade contractors (+19,000). That’s encouraging given the broader stagnation this sector has seen over the past year.

Meanwhile, rental and leasing services showed a quiet but consistent trend — up 9,000 year-over-year and +600 month-over-month. That may not turn heads in the headlines, but it matters. These segments often signal early investment and infrastructure movement — which can precede broader economic expansion.

As Kelly Brown noted, “Foundational sectors like construction and rental tend to move first. We’re optimistic this growth signals demand down the road — especially looking ahead to 2026.”

📉 What’s Softening?

• Unemployment: Now at 4.6%, the highest since 2021.

• Long-term unemployed: Steady at 1.9 million, making up 24.3% of all unemployed.

• Labor force participation: Flat at 62.5% — no movement there.

• Revisions: August and September were both downgraded, with August’s drop now at -26,000 and September’s growth trimmed to +108,000.

So while November offered a glimmer of resilience, the broader trend is showing flattening momentum.

👀 What We’re Watching at BGSF

At BGSF, we’re tracking the sectors that drive demand for talent and services — and the signals we’re seeing in construction, and rental/leasing align with the ground-level insights from our clients and consultants.

We also know this: slow growth doesn't mean no growth. It means getting strategic.

It means preparing for what's next, focusing on operational efficiency, and ensuring the right talent is in the right roles, even if the volume isn’t surging.

📬 Final Thought

The labor market is evolving — and while it’s not the boom of 2021, it’s not bust either. At BGSF, we’re continuing to invest in insights, strategy, and agility to help our clients and talent navigate whatever comes next.

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.

For media inquiries, please contact our Media Relations.