Job Growth Higher Than Expected

NEW YORK (CNNMoney.com) -- Employers added fewer workers to U.S. payrolls in November, according to a closely-watched government reading on labor market strength released Friday that still came in a bit stronger than Wall Street expectations.
The net gain in payrolls came in at 94,000 in November, after a revised 170,000 gain in October. Economists surveyed by Briefing.com had forecast a 70,000 in workers in the latest reading. The September reading was revised lower.
The unemployment rate stayed at 4.7 percent reported for October. Economists had been forecasting a rise to 4.8 percent.
The jobs report is being particularly closely watched this month, as there have been mixed signs about whether the U.S. economy is at risk of falling into recession next year. Concerns about recession have raised expectations that the Federal Reserve will cut interest rates for the third straight time at its meeting Tuesday.