The U.S. economy created 271,000 new jobs in October to mark the biggest gain of the year, pushing the unemployment rate down to a seven year-low of 5%. Hourly wages also rose at the fastest year-over-year pace since 2009. The stellar October labor report suggests a slowdown in job creation toward the end of summer was temporary, and it raises the odds of the Federal Reserve lifting interest rates before the end of 2015. Economists polled by MarketWatch had expected a gain of 180,000 nonfarm jobs. Employment gains for August and September were revised up by a combined 12,000, the Labor Department also said Friday. The government said 137,000 new jobs were created in September instead of 142,000. August's gain was raised to 153,000 from 136,000.
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