FXStreet (Mumbai) - The labor department data released today showed the US economy added far greater number of jobs in October than expected, adding to the evidence of the tightening labor market. The non-farm payrolls in October printed at 271K, beating the estimate of 180K by a wide margin The prior number was revised to 137K from 142K. The unemployment rate dipped further to 5.0% from September’s 5.1% and the participation rate remained unchanged at 62.4%. Hourly wages post biggest year-over-year gain since 2009 Average hourly earnings increased 0.4%, (estimated 0.2%, previous 0.0%) from the prior month and 2.5% over the past year. The October report is strong enough to add evidence the economy is on track to moderate growth, while the labor market continues to tighten. Overall the report could cement December Fed rate hike bets. For more information, read our latest forex news.