Payrolls Surge by 337,000 in October

WASHINGTON – U.S. nonfarm payrolls increased by a surprisingly large 337,000 in October, about double what economists had expected, the Labor Department reported Friday.

It was the largest gain in nonfarm payrolls since March. In addition, payroll gains in August and September were revised higher by a cumulative 115,000, according to the government survey of 400,000 workplaces. Read the full report.

Bonds sold off drastically, pushing the yield on the 10-year Treasury note to 4.22 percent. The dollar and U.S. stock futures surged on the news. See full story.

Meanwhile, a separate survey of 60,000 households showed both employment and unemployment rose during the month. The unemployment rate climbed a tenth to 5.5 percent. The labor participation rate was steady at 65.9 percent.

Economists had been expecting payrolls to grow by about 175,000 in October and for the unemployment rate to remain at 5.4 percent, according to a survey conducted by CBS MarketWatch.

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