The nation's economy added 94,000 jobs in November 2007, the U.S. Labor Department announced Friday, above the 65,000 consensus estimate, but still below a level considered adequate job growth.

The 94,000 November job stat suggests that employers are still adding employees at a modest pace, despite the housing sector's correction and credit market turmoil created by subprime mortgage defaults.

The unemployment rate in November 2007 remained the same at 4.7%, the Labor Department announced. Most economists had expected a rise in unemployment to 4.8%.Meanwhile, the Labor Department also revised downward the September 2007 and October 2007 job figures: job growth for those two months was 214,000, or 48,000 lower than the government's preliminary estimate.

In November 2007 the economy registered jobs gains in the service industries, which include banks, insurance companies, restaurants and retailers, which added 127,000 jobs. The retailer sector added 24,200 jobs, its first increase in four months. However, the economy continued to shed manufacturing positions, withe that segment losing 11,000 jobs during the month.

Economic Analysis: The November 2007 job creation stat suggests a job market strong enough to keep the U.S. economy out of recession, but not nearly strong enough to accommodate the number of new adults entering the work-eligible population. The economy needs to create about 125,000-150,000 jobs per month just to keep the unemployment rate from rising.

The 94,000 November 2007 stat will, however, most likely steer the U.S. Federal Reserve toward a quarter-point cut in short-term interest rates when it meets December 11. Had the nation added fewer jobs in November than the 65,000 consensus estimate, the Fed may have sided with a half-point rate cut: the November stat will most likely convince the Fed that while the U.S. economy has slowed, it's job market remains intact and has not collapsed.