US nonfarm payrolls increased 271,000 in October, the biggest this year, the Labor Department reported on Friday. The jobless rate fell to a seven-year low of 5 percent.
Stock investors shrugged off the news. Even as traders raised their expectations on a December rise in rates to a 68 percent chance from 56 percent, the S&P 500 dipped less than 0.1 percent.
“The report is pretty good across the board,” said Michael Feroli, chief U.S. economist at JPMorgan Chase & Co. “December is now a very high likelihood for the Fed to hike rates.”
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