U.S. economy added 199,000 jobs in November, signaling a still-robust labor market

The U.S. economy added 199,000 jobs in November and the unemployment rate fell to 3.7%, signaling that businesses are still hiring despite signs of a slowing economy.

November's job growth exceeded forecasts from economists, who had expected businesses to add about 175,000 new jobs, according to financial data firm FactSet. 

The monthly jobs report is watched closely by the Federal Reserve, which has been raising interest rates since early 2022 in an effort to put the brakes on the economy and cool inflation. Most strategists are now forecasting that the central bank will hold rates steady at its next meeting, scheduled for December 13.