# U.S. Jobs Beat Expectations by 100,000: Could Rate-Hike Bets Strengthen Again?

> U.S. nonfarm payrolls rose by 165,000 in October, beating expectations, while the unemployment rate fell and monthly growth in average hourly earnings accelerated. The U.S. October nonfarm payrolls report showed…

**U.S. nonfarm payrolls rose by 165,000 in October, beating expectations, while the unemployment rate fell and monthly growth in average hourly earnings accelerated.**

The U.S. October nonfarm payrolls report showed the labor market recovering after September’s weak showing. Job growth came in well above the forecast of 65,000.

September’s initially reported job gain of 29,000 was **revised up to 60,000**. In October, the unemployment rate fell to **4.1%**, below the forecast of 4.2% and the September reading. Average hourly earnings rose 0.4% month over month, beating the 0.3% forecast, while annual wage growth was 3.1%.

### Strong jobs data could affect rate expectations

After the report, **Bitcoin traded at $75,800, down slightly**. Nasdaq 100 futures rose 1.5%, while the U.S. 10-year Treasury yield climbed 6.4 basis points to 4.894%.

After the sharp decline in stocks, investors had scaled back their bets that the Fed would raise rates at its December meeting. The probability of a rate hike had fallen to **70%** ahead of the report, from around 95% several weeks earlier. Strong jobs and wage data could revive those bets.

Next week’s CPI and PPI reports are expected to matter more than these jobs data in the Fed’s decision; whether the stock market stabilizes will also be a factor.