Apparel & Footwear

Activist investor Elliott builds over $1 billion stake in Lululemon, puts forth CEO candidate

Activist investor Elliott Investment Management has built a stake of more than $1 billion in Lululemon Athletica and is bringing a potential CEO candidate to the table, a person familiar with the matter told CNBC. Last week, Lululemon announced that CEO Calvin McDonald would step down, effective Jan 31, following a year-long performance slump. Elliott has been working with former Ralph Lauren CFO and COO Jane Nielsen as a potential candidate, according to the person, who spoke on the condition of anonymity about confidential matters.

Birkenstock revenue jumps, but tariff headwind remains

Birkenstock’s fourth quarter revenue grew 15% year over year to 526 million euros (about $617 million at press time), per a company release on Dec 18. The footwear company reported double-digit revenue growth across all regions, with the Asia-Pacific region seeing the largest increase. The brand’s net profit improved 79% to 94 million euros, with both direct-to-consumer and wholesale revenue growing. Meanwhile, its gross profit margin of 58.1% was down 90 basis points, primarily due to currency translation and incremental U.S. tariffs. For fiscal year 2026, Birkenstock expects revenue growth of 10% to 12%, with revenue in the range of 2.3 billion euros to 2.35 billion euros. The brand also projects a gross profit margin of 57% to 57.5%. Both expectations include currency translation and incremental tariff headwinds.

Canada’s Roots posts 6.8% sales growth in Q3 FY25 on strong DTC demand

Canadian premium outdoor lifestyle brand Roots reported solid financial performance in the third quarter of fiscal 2025, ending November 1, with total sales rising 6.8 percent year over year to $71.5 million. Direct-to-consumer sales increased 4.8 percent to $56.8 million, driven by a 6.3 percent increase in comparable sales, reflecting enhancements to the omnichannel customer experience and stronger engagement with curated product assortments. The company’s gross profit increased 8.1 percent to $43.4 million, while gross margin improved by 80 basis points to 60.8 percent. DTC gross margin rose 140 bps to 65.4 percent, benefiting from improved product costing and lower discounting, which offset unfavorable foreign exchange impacts on US dollar purchases, Roots said in a press release.

Athletic & Sporting Goods

Study Finds Padel Boasting Robust Growth

While much of the U.S. remains in its “initial phase” of development outside of Florida, the sport of padel has grown globally to a reported 35 million-plus players, supporting a year-over-year increase of 16.1 percent in clubs and 15.2 percent in courts. The data comes from the second edition of the International Padel Federation’s (FIP) World Padel Report.  The FIP is the world governing body for padel, a sport most popular in Europe but gaining ground worldwide. At the start of 2025, padel reached 70,000 courts worldwide, and the number exceeded 77,000 by the end of June. Europe is estimated to have over 51,000 courts, or 66.1 percent of the total; followed by South America, 18.3 percent; Asia, 6.0 percent; Central and North America, 5.1 percent; Africa, 4.4 percent; and Oceania, 0.1 percent.

Escalade Acquires AllCornhole to Expand Market Presence

Escalade, Inc., a leading sporting goods company, has announced its acquisition of AllCornhole, a prominent brand in the fast-expanding cornhole market, marking a strategic step to strengthen its footprint in this segment. The acquisition reflects Escalade’s commitment to growing the professional and recreational cornhole ecosystem, complementing its existing partnerships and product offerings. By integrating AllCornhole, Escalade aims to enhance its product lineup and support the transformation of cornhole into a nationally recognized sport, benefitting retailers, athletes, and players across all skill levels.  Founded in 1922 and based in Evansville, Indiana, Escalade, Inc. sells a diverse range of products, including basketball hoops, tennis tables, archery equipment, pickleball, water recreation products, and more, under prominent brands like Goalrilla, STIGA, Bear Archery, and ONIX.

IHRA Acquires F1 Powerboat Racing

The International Hot Rod Association has officially acquired the F1 Powerboat Racing, one of the world’s premier tunnel-boat racing series.  This strategic acquisition strengthens IHRA’s rapidly growing footprint in water-based motorsports and continues the organization’s mission to unify, modernize, and elevate competitive racing across all disciplines.  With the acquisition, F1 Powerboat Racing will now operate under the IHRA Powerboating umbrella, joining a family of series focused on racer-first principles, enhanced safety standards, and elevated fan experiences. IHRA will integrate its safety, broadcast, marketing, and event operations infrastructure to support a seamless 2026 season transition. Also, IHRA will be putting up an unprecedented $500,000 for prize purse and racer support.

Cosmetics & Pharmacy

Coty Cashes Out of Wella in $750 Million Deal With KKR

Coty has sold its ‌remaining ​25.8% stake in hair ‌care brand Wella to KKR for $750 million, while retaining ​rights to a share of any future sale or initial public offering ‍proceeds, the U.S. cosmetics maker ​said on Friday. The owner of the Rimmel and Max Factor brands ​said it ⁠was entitled to 45% of any proceeds from a sale or IPO of the business once KKR’s preferred return was met, and that it planned to use most of the upfront cash to reduce its ‌debt. The company has struggled over the past couple of years to ​drive ‌sales in its mass ‍beauty category ⁠as it fights heightened competition from newer brands.

Sweetch Strengthens Its Scientific Leadership with the Acquisition of Laboratoire Greenpharma

Sweetch, a science-driven developer of sustainable cosmetic ingredients, announces the acquisition of Laboratoire Greenpharma, a recognized R&D specialist in natural active ingredients, phytochemistry, and green extraction technologies. This strategic acquisition strengthens Sweetch’s position in the global cosmetic ingredient market by expanding its active ingredients portfolio and reinforcing its end-to-end innovation capabilities, from ingredient discovery to objectivated performance and responsible sourcing.

CVC Moves to Sell FineToday After Shelved IPO

CVC Capital Partners is exploring a sale of Japanese personal care company FineToday after postponing its planned Tokyo IPO. FineToday delayed its listing in October after targeting a valuation of around ¥169 billion ($1.08 billion), below earlier expectations. Sources say CVC is now seeking a valuation of over $2 billion, equivalent to 14–15x EBITDA, and has drawn interest from global private equity firms and at least one Chinese strategic investor. Formed in 2021 following Shiseido’s divestment of its personal care unit, FineToday owns brands including Tsubaki, Fino, and Senka. The company generated ¥107.3 billion ($689 million) in revenue in 2024, with adjusted EBITDA margins rising to 21%. China and Hong Kong account for more than a third of sales, leaving the business exposed to geopolitical and consumer sentiment risks.

Shanghai Forest Cabin Cosmetics Files for Hong Kong IPO

Shanghai Forest Cabin Cosmetics Group, known as Lin Qingxuan, has filed for an initial public offering in Hong Kong amid intensifying competition in China’s premium skincare market. The company’s growth is anchored in its Camellia Essential Oil, which accounts for nearly 40% of annual revenue and more than 45% in its most recent reporting period. Revenue has risen sharply in recent years, reaching RMB 1.21 billion, with profitability supported by gross margins above 80%. The filing highlights a highly concentrated product portfolio and rising marketing spend. An investment fund linked to L’Oréal holds a minority stake, while the group has also backed rival oil-based skincare brand Lan.

Discounters & Department Stores

Dollar General Will Open Over 400 New Stores Next Year

If it feels like there’s a Dollar General in every neighborhood, there are about to be a whole lot more. The company plans to open 450 new stores in 2026 and has already identified 11,000 locations across the continental U.S. where it might open a Dollar General store in the future. That’s not the only change Dollar General has planned, though. As part of their plans for a very active 2026, they also aim to relocate 20 stores and remodel 4,250 others.

Von Maur to make New Jersey debut in 2027

Von Maur Department Stores is set to enter a major East Coast state for the first time. The retailer will open an anchor store at Freehold Raceway Mall in Freehold Township, N.J., in the fall of 2027, marking its debut location in the state. The three-level, approximately 164,000-sq.-ft. Von Maur store will offer products from top brands across categories, including apparel, shoes, accessories, and gifts. Von Maur’s debut New Jersey store will be an anchor tenant in the space previously occupied by Nordstrom at Freehold Raceway Mall, and will feature the brand’s “residential ambiance, plush furnishings, open-floor plan, and live music from the store’s grand piano.” Once the Freehold store is complete, Von Maur will have 40 department stores nationwide. The company is also undertaking a multi-phased, $100 million renovation of its existing stores over the next five years, as announced in 2024.

Emerging Consumer Companies

NextFoods raises $10 million for functional wellness

NextFoods, parent company of GoodBelly and Cheribundi, closed a $10 million funding round led by ECP Growth. The capital will accelerate product innovation in high-growth functional categories like gut health, muscle recovery, and sleep. “NextFoods is redefining functional wellness with scientifically supported products that fit seamlessly into consumers’ lives,” said Marcel Bens, CEO of ECP Growth. “With two strong brands, each with a deep innovation pipeline, the company is poised for long-term success. We’re excited to continue supporting Marc and the NextFoods team as they scale their platform and strengthen leadership in the functional wellness category.”

MadaLuxe Group acquires jewelry brand IPPOLITA 

MadaLuxe Group, a global luxury goods company, has acquired a majority stake in IPPOLITA, the New York-based fine jewelry house. The investment adds fine jewelry to MadaLuxe’s portfolio, which spans ready-to-wear, leather goods, and timepieces. Founder Ippolita Rostagno will remain Chief Creative Officer, while MadaLuxe provides the infrastructure to scale the brand globally. Financial terms of the deal were not disclosed.

YSE Beauty (Molly Sims’s beauty brand) raised a $15M Series A from Silas Capital and L Catterton

YSE Beauty is set for a strong start to 2026 as the brand secures US$15m Series A funding.

The beauty brand, founded by model and actress Molly Sims in April 2023, has closed the funding round led by investment partner Silas Capital. It saw participation from private equity firm L Catterton, while existing investors Willow Growth Partners and Halogen Ventures also continued to support the brand through investment. The funding boost follows a strong year for Sims’ brand, which launched exclusively in beauty retailer Sephora earlier this year.

Moxie Beauty raises US$15m Series A to scale India-focused haircare R&D and distribution

India-based haircare brand Moxie Beauty has secured US$15 million in Series A funding led by Bessemer Venture Partners, with participation from Fireside Ventures and a group of angel investors. Founded in 2023 by Nikita Khanna and Anmol Ahlawat, Moxie Beauty develops haircare products formulated for Indian hair textures and climatic conditions. The brand currently offers 19 SKUs across cleansing, treatment, styling and scalp care, including newer formats such as hair wax sticks and a dandruff serum combining exfoliating acids with oils. The funding will be used to support product development, research capabilities, hiring and distribution expansion. Moxie reports having crossed ₹100 crore in annual recurring revenue within two years, with strong traction on platforms including Nykaa and Amazon.

Food & Beverage

White Claw maker names first new CEO in 50 years

Mark Anthony Group founder and CEO Anthony Von Mandl is stepping down as head of the White Claw maker after more than 50 years in the role. He will remain with the company as chairman, according to an email sent to Mark Anthony partners. Vice Chairman Phil Rosse will become CEO on Jan 1. Rosse, who has worked with Mark Anthony for 18 years, will become the company’s second CEO since its founding in 1972. Von Mandl said challenges, including decreased alcohol consumption, are creating new opportunities for the business. Rosse will be tasked with leading Mark Anthony as it aims to double its business globally.

General Mills benefits from value reset

General Mills Inc. saw profits get squeezed in its fiscal second quarter of 2026 as efforts to funnel more value to consumers gained traction at the top line. Executives said the bottom-line hit was expected as General Mills addresses its top priority for the fiscal year: rekindling volume-driven organic net sales growth. In March, the Minneapolis-based food company noted that a worsening consumer environment demanded a reset of its value proposition. The plan includes stepped-up investment in pricing, brand marketing, media, and innovation, supported by savings from cost-efficiency initiatives. “Our primary focus this year is investing to strengthen the remarkability of our brands, because we know that delivering greater remarkability to consumers is the key to restoring organic sales growth for our business,” said Jeffrey Harmening, chairman and chief executive officer.

Kraft Heinz names former Kellanova leader as CEO

Kraft Heinz has tapped former Kellanova CEO Steve Cahillane to run the Oscar Mayer and Philadelphia cream cheese maker starting Jan 1, ahead of its split later in 2026. Following Kraft Heinz’s separation, Cahillane will become CEO of the business unit the company is calling Global Taste Elevation. The division will include higher-growth brands such as Heinz, Philadelphia, and Kraft Mac & Cheese. Carlos Abrams-Rivera, Kraft Heinz’s current CEO, will step down and serve as an adviser to the company until March 6, 2026.

Grocery & Restaurants

Olive Garden Owner Darden Restaurants Hikes Revenue Outlook

Darden Restaurants on Thursday reported strong sales growth, fueled by demand at Olive Garden and LongHorn Steakhouse as thrifty diners look for good deals. For the second straight quarter, the company hiked its full-year outlook for revenue growth, although it only reiterated its projections for its earnings. “The second quarter exceeded our top-line expectations as every segment delivered positive same-restaurant sales,” Darden CEO Rick Cardenas said in a statement. Higher ingredient costs, particularly for near-record prices for beef, weighed on the company’s restaurant-level margin, CFO Raj Vennam said on the company’s conference call. Darden’s same-store sales increased 4.3% in the quarter, topping Wall Street estimates of 3%, according to StreetAccount. While the broader restaurant industry has seen sluggish sales growth, Darden has found success by raising its menu prices by less than inflation and adding promotions aimed at diners looking for value.

Major franchisee Doherty Enterprises adds Qdoba to its roster

Doherty Enterprises Inc., one of the country’s largest franchisees, is adding Qdoba Mexican Eats to its portfolio with a new agreement to develop 27 restaurants in select New York and New Jersey markets throughout the next several years. The agreement represents a strategic expansion for Doherty Enterprises, whose portfolio currently includes 158 restaurants across Applebee’s, Panera Bread, Wendy’s, Chevys Fresh Mex, JINYA Ramen Bars, and several proprietary concepts. The partnership comes as Qdoba experiences rapid growth. In June, the chain opened its 800th location, and in August, it secured a $527 million round of funding from Butterfly Equity to accelerate growth. This builds on Qdoba’s inaugural $305 million securitization fund in late 2023 from Butterfly, which acquired the Mexican fast casual chain in 2022.

Home & Road

Brand House Collective sees Q3 sales fall as it transitions from Kirkland’s to Bed Bath & Beyond

The Brand House Collective, formerly Kirkland’s, reported a decline in net sales and consolidated comparable store sales for the third quarter ended Nov. 1 as it transitions under the pending acquisition by Bed Bath & Beyond Inc. Net sales for Q3 were $103.5 million, down from $114.4 million in the previous year’s third quarter. Consolidated comp sales, which are inclusive of a comparable store sales increase of 1.7% and an e-commerce decline of 34.6% year-over-year, were down 7.4%, while store count fell by 6%. Gross profit was $21.1 million, or 20.4% of net sales, compared with $32.1 million, or 28.1% of net sales year-over-year. The company attributed the drop to a decline in merchandise margin and the deleveraging of store occupancy costs on lower sales. The company has been engaging in liquidation to optimize inventory ahead of expanding Bed Bath & Beyond assortments. Incremental tariff costs were also cited. During the period, the company closed three Kirkland’s Home stores and converted three stores to Bed Bath & Beyond Home stores, ending the quarter with 303 Kirkland’s and three Bed Bath & Beyond Home stores across 35 states.

From fix to growth: 5 moves powering Casper’s comeback

A year after Carpenter Co. acquired Casper, the digitally native mattress brand says it has moved past stabilization mode and is preparing to reassert itself with a refreshed product lineup, a new national advertising campaign and a renewed push with brick-and-mortar retail partners. Mike McQuiston, president of Casper, said the past 12 months have been focused less on growth and more on repairing the fundamentals of the business. One of the most visible changes has been Casper’s physical retail footprint. Over the past year, the company reduced its branded store count from 65 to about 45, exiting underperforming locations that were no longer strategic. Casper expects to hold steady around that level in the near term, with measured expansion planned for 2026 and 2027 as performance improves, McQuiston said.

Furniture momentum slowed in October according to DOC’s latest

Furniture and home furnishings‘ streak of year-over-year sales gains continued in October — barely. According to the Department of Commerce’s advance monthly estimates for the month — which remain behind schedule due to the fall’s government shutdown — the category, which measures estimated brick-and-mortar sales, totaled an adjusted estimated $11.264 billion, which is 0.5% more than October 2024’s adjusted $11.205 billion, and 2.3% ahead of September’s adjusted preliminary $11.015 billion. October 2024 was when the category began showing year-over-year growth after about 20 months of sagging numbers, meaning future months will be measured against increasingly better performances. It also represents a full calendar year’s worth of year-over-year gains. Year-to-date, the category has accrued almost $112 billion in unadjusted sales, which the DOC says is 3.8% up on 2024’s levels.

Jewelry & Luxury

Twinset Names Gabriele Maggio New CEO

On Dec 15, Twinset said Gabriele Maggio has joined the Italian fashion brand as its new chief executive officer. The appointment confirmed a WWD scoop on Dec 2. Maggio succeeds Alessandro Varisco, and follows the sale of Twinset last June to Borletti Group and Quadrivio & Pambianco, manager of the Made in Italy Fund II, from The Carlyle Group. Varisco joined Twinset in 2015 from Moschino. “I am thrilled to be joining Twinset at such a crucial moment in its journey,” Maggio said. “The brand has enormous potential, a unique creative heritage, and an exceptionally talented team. Together with the new shareholders and the entire organization, we will work to build a solid and inspiring phase of growth, further strengthening the brand’s presence in the Italian and European markets.”

Kering to Buy Italian Jewelry Company Raselli Franco

Kering has agreed to acquire jewelry company Raselli Franco Group. Luxury conglomerate Kering, which owns brands such as Gucci and Balenciaga, plans to buy a 20% stake in Italy’s Raselli Franco first, with a pathway to full ownership by 2032. Kering said it would pay 115 million euros, equal to about $135 million, for the 20% stake in the first quarter of 2026. Raselli Franco will bring new manufacturing capabilities to Kering, which the company hopes will help grow its jewelry offerings, the Company said.

Bulgari Elevates Deputy CEO to Top Job

Laura Burdese will become the new CEO of Bulgari, effective July 1, 2026, parent company LVMH announced. Burdese was named the jeweler’s deputy CEO in July 2024, after serving for two years as its chief marketing officer. Before that, she was CEO of Acqua di Parma, a perfume company also owned by LVMH. She will replace Jean-Christophe Babin, who has led Bulgari for the past 12 years and, before that, served as president and CEO of TAG Heuer. After July, Babin will continue to serve as chairman of Bulgari’s board, CEO of its hotel unit, and president of the Bulgari Foundation.

Etro to restructure, founding family set to exit

The Etro family is reportedly about to exit the luxury fashion house it founded in 1968. Various media outlets reported that the company will be restructured. Gefin, the Etro family’s holding company, currently holds just under one-third of the stake and is set to exit, with new industrial and financial partners becoming shareholders. The operation’s expected closing date is December 18. Etro has declined to comment. Turkish high-end hospitality group Rams Global, with which Etro signed an agreement last year for the Etro Residences Istanbul project, is expected to be one of the new shareholders.

Office & Leisure

H.I.G. Capital acquires Shore Excursions Group

H.I.G. Capital, a global alternative investment firm with $71b of capital under management, acquired Shore Excursions Group, an independent global tours provider based in Plantation, Florida.  The amount was not disclosed. Founded in 2008, Shore Excursions Group has delivered more than 5m tours across hundreds of ports. It offers more than 4,000 small group experiences spanning all major cruise destinations.  The company reaches consumers globally through thousands of travel agency partners and direct-to-consumer channels, supported by its proprietary booking platform and a commitment to service and value.

Exclusive Resorts Wins Fight for Inspirato in $59 Million Deal

Inspirato announced that it agreed to be acquired by rival Exclusive Resorts, a deal that combines two leading competitors in luxury hospitality.  Under the agreement, Exclusive Resorts will acquire all outstanding shares of Inspirato for $4.27 per share in cash, valuing the company at about $59 million and taking it private.  That share price is a 50% premium to Inspirato’s closing share price Tuesday. The merger is expected to close early in 2026.  The transaction combines Exclusive Resorts, Inspirato, and onefinestay under a new umbrella called Exclusive Collective. The combined group is expected to become one of the largest networks of high-end travelers once the deal closes. Exclusive Resorts had acquired Accor’s onefinestay in June.  Servicing some 25,000 high-net worth travelers, the Exclusive Collective is expected to produce more than $500 million in revenue and some 70 million in EBITDA in 2026, according to Exclusive Resorts.

Technology & Internet

TikTok signs agreement to create new U.S. joint venture, memo says

TikTok CEO Shou Zi Chew told employees on Thursday that the company’s U.S. operations will be housed in a new joint venture. The entity is named TikTok USDS Joint Venture LLC, according to a memo sent by Chew and obtained by CNBC. As part of the joint venture, Chew said the company has signed agreements with the three managing investors: Oracle, Silver Lake, and Abu Dhabi-based MGX. He said that the deal’s “closing date” is Jan. 22. Under a national security law, which the Supreme Court upheld in January, China-based ByteDance was required to divest TikTok’s U.S. operations or face an effective ban in the country. In September, President Donald Trump signed an executive order approving a proposed deal that would keep TikTok operational in the U.S. by meeting the requirements of a law originally signed by former President Joe Biden. Chew noted that the new TikTok joint venture would be “majority owned by American investors, governed by a new seven-member majority-American board of directors, and subject to terms that protect Americans’ data and U.S. national security.” The U.S. joint venture will be 50% held by a consortium of new investors, including Oracle, Silver Lake and MGX, with 15% each. Just over 30% will be held by affiliates of certain existing investors of ByteDance, and almost 20% will be retained by ByteDance, the memo said.

OpenAI in talks with Amazon about investment could top $10 billion

OpenAI is in discussions with Amazon about a potential investment and an agreement to use its artificial intelligence chips, CNBC confirmed on Tuesday. The details are fluid and still subject to change but the investment could exceed $10 billion, according to a person familiar with the matter who asked not to be named because the talks are confidential. The discussions come after OpenAI completed a restructuring in October and formally outlined the details of its partnership with Microsoft, giving it more freedom to raise capital and partner with companies across the broader AI ecosystem. Microsoft has invested more than $13 billion in OpenAI and backed the company since 2019, but it no longer has a right of first refusal to be OpenAI’s compute provider, according to an October release. OpenAI can now also develop some products with third parties. Amazon has invested at least $8 billion into OpenAI rival Anthropic, but the e-commerce giant could be looking to expand its exposure to the booming generative AI market.

Roomba maker iRobot files for bankruptcy

iRobot, the maker of the Roomba vacuum cleaner, filed for bankruptcy protection, saying that it would go private after being bought by Picea Robotics, its primary manufacturer. The company, which raised concerns about staying in business in March, filed for Chapter 11 protection in Delaware bankruptcy court as it grapples with increased competition from lower-priced rivals and new U.S. tariffs. iRobot generated about $682 million in total revenue in 2024, but its profits have been eroded by competition from Chinese rivals like Ecovacs Robotics. iRobot remains dominant in key markets like the U.S. and Japan, but competition forced it to lower its prices and make substantial investments in technological upgrades, according to bankruptcy court filings. The company, which was the target of a thwarted $1.4 billion buyout by Amazon.com. After the Amazon deal fell apart and iRobot fell behind on payments to Picea, the China-based manufacturer acquired iRobot’s debt from a group of investment funds managed by the Carlyle Group, according to court documents.

Finance & Economy

$1 billion in de minimis tariff revenue has been collected since loophole closed

The US government has collected $1 billion in de minimis tariff revenue since rolling back the exemption for low-value packages this spring, according to new data shared exclusively with CNN by Customs and Border Protection. The exemption applied to goods valued at less than $800 and contributed to the growth of American shoppers on Chinese e-commerce sites such as Temu, Shein, and Alibaba. But CBP data suggests that with those duties now in place, Americans have trimmed their purchases. President Donald Trump initially closed the loophole for goods from China and Hong Kong in May and later extended it to all exports below $800 from all countries. Trump argued that it would not only help the government raise tariff revenue but also stop drugs and other illicit goods from entering the country, given that the packages would be subject to more rigorous inspections by CBP.

November consumer prices rose at a 2.7% annual rate, lower than expected, delayed data shows

Consumer prices rose less than expected in November, giving investors hope that inflationary pressures may be cooling enough for U.S. monetary policy to be eased more than Wall Street anticipates. The consumer price index rose at a 2.7% annualized rate last month, according to a delayed report from the Bureau of Labor Statistics. Economists polled by Dow Jones expected the CPI to have risen 3.1%. The core CPI, which strips out volatile food and energy prices, was also cooler than anticipated, increasing 2.6% over 12 months. It was expected to have risen by 3%.

Payrolls rose by 64,000 in November after falling by 105,000 in October, delayed jobs numbers show

Nonfarm payroll growth totaled a seasonally adjusted 64,000 for the month, better than the Dow Jones estimate of 45,000 and up from a sharp decline of 105,000 in October. The unemployment rate rose to 4.6%, more than expected, and its highest level since September 2021. A broader rate that includes discouraged workers and those holding part-time jobs for economic reasons rose to 8.7%. The establishment numbers showed that most of the gains in November came from a familiar source: health care added 46,000 jobs, accounting for more than 70% of the total net increase. Markets continued to put low odds on another interest rate cut in January.