A closely watched report released by the Labor Department on Friday showed employment in the U.S. jumped by much more than anticipated in the month of October.
The Labor Department said non-farm payroll employment surged up by 250,000 jobs in October after rising by a downwardly revised 118,000 jobs in September.
Economists had expected an increase of about 190,000 jobs compared to the addition of 134,000 jobs originally reported for the previous month.
Meanwhile, the report said the unemployment rate in October was unchanged from the previous month at 3.7 percent, its lowest level since hitting 3.5 percent in December of 1969.
Average hourly employee earnings rose by $0.05 to $27.30 in October, reflecting a 3.1 percent increase compared to the same month a year ago.