The November jobs report, which was delayed by about a week as Bureau of Labor Statistics workers caught up after the government shutdown, was released on Tuesday morning. And it was rather dismal.

The U.S. economy gained 64,000 jobs in November, but lost 105,000 jobs in October. The unemployment rate rose to 4.6%; it was 4.4% in September and 4.2% a year ago.

“It’s a pretty grinchy report,” said David Kelly, chief global strategist at J.P. Morgan Funds. “We've lost jobs in three out of the last seven months, and the average job growth has been 17,000 jobs per month, which is miserably low.”

One of the key events that makes this data headline-worthy is the fact that it reflected government buyouts, which allowed federal workers to be paid through the end of September.

Another data-worthy nugget worth noting: The number of people employed part-time because they couldn't find full-time work increased to 5.5 million in November. That’s an uptick of 909,000 from the month before.

“That's a classic sign of weakness in the labor market. When employers get cautious, they tend to hire part-time instead of full-time,” said Julia Coronado, founder and president of MacroPolicy Perspectives. “That's a concerning signal, sort of confirmation that, overall, the labor market — it's not falling off a cliff, but it certainly is weakening at the margin.”

Coronado added that this data supports the Federal Reserve’s decision to lower interest rates last week. It could also inform a potential rate cut in the new year to continue to stimulate economic growth, though lots of other factors are still at play.

One such thing, according to David Kelly? Income tax refunds.

“That could cause consumer spending to pick up a bit, and maybe employment growth to pick up a bit,” he said. “So I think we are very far from calling this a recession.”