The U.S. jobs market slowed in November as construction and leisure companies crimped hiring.

Employers added 155,000 people to their payrolls.

That's much less than economists had forecast.

What's more, the job gains of the previous two months were revised downward.

The unemployment rate remained steady at 3.7 percent.

Average wages rose 0.2 percent last month, but that, too, was less than expected.

Companies also cut working hours.

The labor data suggest economic activity is moderating.

That could heighten fears about the economy's health, lowering the odds of the Federal Reserve raising interest rates more than once next year.

Allianz chief economic adviser Mohamed El-Erian said, "The report is not soft enough to deter a December rate hike but it will contribute to a downward revision in central bankers' policy guidance for rate hikes in 2019." Sectors adding the most to their payrolls: healthcare, manufacturing and transportation and warehousing.

Retailers hired more workers likely due to an early Thanksgiving.

An unusually cold November drastically slowed hiring in the construction sector.

U.S. stocks dipped at the market open.

The dollar and Treasury yields shot higher.