October Payrolls Beat at +165K, Unemployment 4.1%; Fed December Hike Odds Firm

BLS October payrolls rose 165,000 versus ~65-70K expected; September revised to +60K. Unemployment edged down to 4.1% and wages rose 0.4% m/m. The data strengthened expectations of a December Fed hike. Stocks rebounded partially (S&P +0.7%, Nasdaq +1.6%) but remained on track for the worst week since June.