WASHINGTON — It was far from a hiring spree. But with the economy buffeted by speculation that another recession looms, the fact that the nation's payrolls are still growing — however modestly — is a reason to breathe a sigh of relief.

A Labor Department report, released yesterday, showed that employers added a net 94,000 new jobs to their payrolls last month. That was down from a surprisingly strong gain of 170,000 jobs in October but was still sufficient to prevent the unemployment rate from rising. The jobless rate has held steady at a relatively low 4.7 percent for the third month in a row.

The snapshot underscored the economy's resilience and offered a reassuring sign that companies are still showing a decent appetite to hire, even as deepening troubles in the housing and credit markets are weighing heavily on economic activity nationwide.

Still, fallout from the housing collapse was painfully evident. Construction companies slashed jobs last month. So did mortgage companies, banks, real-estate firms and manufacturers. Those losses, however, were more than offset by hiring gains elsewhere, including in healthcare, retail, hotels and motels, temporary help firms, computer services and the government.

The health of the nation's job market is critical in determining whether the economy will, in fact, weather the stresses from the housing collapse and credit crunch. Job and wage growth have been shock absorbers, helping individuals cope with all the negative forces in the economy. The employment climate has helped to support spending by individuals, a major shaper of overall economic activity.