Even with 227,000 new jobs in November — it was above the Dow Jones compiled estimate of 214,000. The jobs report saw a slight uptick in the unemployment rate to 4.2%. Chances seem good that the Federal Reserve’s FOMC will cut the federal funds rate by another 25 basis points. But to look further ahead means a deeper examination of the data.

“The report might seem like all is rosy, yet our real-time data is showing a split screen moment in the labor market between short-term outlook and long-term changes,” wrote Becky Frankiewicz, president of ManpowerGroup North America and chief commercial officer, in an email note. “Short-term, real-time hiring is cooling, it is taking longer to fill roles, from 39 to 49 days as employers hold out for the perfect fit or pause on making decisions. Those with specialist skills will find themselves in strong demand, others might not recognize their reality in this report.”

Numbers for employment for September and October were revised upwards: from 223,000 to 255,000 in September and from 12,000 to 36,000 in October.