U.S. economy adds 227,000 jobs in November

By the numbers: Two hurricanes and a now-resolved Boeing strike weighed on job creation during the period covered by the previous report.

• Employment in transportation equipment manufacturing jumped by 32,000 in November, "reflecting the return of workers who were on strike," the government said.
• The government also said that October job growth was better than initially thought, adding 36,000 jobs — about 24,000 more payrolls than the first estimate.
• The report also showed September's job gains were revised slightly higher to 255,000 from 223,000.

The big picture: The November jobs report offers a slightly clearer snapshot of the underlying health of the labor market. Other indicators, including low levels of unemployment filings, suggested the jobs market was still chugging along.

• Federal Reserve officials appear less concerned about the job market relative to earlier this year when the unemployment rate was inching higher. The Fed pivoted to cutting rates in September, in part, to preserve the labor market.
• "While I am pleased at how well the labor market has held up under restrictive monetary policy, I am less pleased about what the data have been telling us the past couple of months about inflation," Fed governor Christopher Waller said in a speech this week.

What to watch: The latest jobs data is unlikely to weigh on Fed officials' decision on whether to cut interest rates at its next policy meeting on Dec. 17-18.

• Financial markets see a cut as a near certainty: Market-priced odds of a cut rose to 89%, compared to about 69% before the release of the jobs report, according to the CME's FedWatch tool.

Go deeper: What's next for the "remarkably good" economy

Editor's note: This story was updated with a chart and additional developments.