Friday’s report is unlikely to discourage policymakers at the Federal Reserve from raising benchmark interest rates when they meet on Dec. 18 and 19.

Nonetheless, the report is being seen as a warning flag on some fronts. The recent volatility in the stock market and an increase in the monthly average number of people applying for unemployment benefits has worried people, said Chris Rupkey, chief financial economist at MUFG.

General Motors said last month that it would idle five plants and cut about 14,000 jobs in North America in part because of a slowdown in auto sales. In October, Ford announced plans to trim its work force.

Still, Mr. Rupkey labeled the report “pretty darn good,” and said it should help calm the markets.

Uncertainty about trade policy is the primary source of anxiety. “The ball is in the president’s court to make sure the China deal is still on,” he said. “That is the biggest impediment now.”

In the meantime, the labor market is mostly delivering. The unemployment rate and new claims for jobless benefits are at or near record lows. And the average monthly increase in payrolls this year is more than enough to keep the jobless rate below 4 percent.

“People who are working in finance are looking at the stock market,” said Martha Gimbel, research director at the job-search site Indeed. “The typical worker just wants to find a good job with hours and rising wages.”

That search has been getting easier and easier.

Ms. Gimbel said sectors that have had a particularly hard time hiring — like nursing and retailing — are now posting more full-time than part-time jobs, a sign that employers are struggling to find workers.