NEW YORK (TheStreet) -- Futures were holding on to gains after the U.S. reported 214,000 jobs were added to the economy in October, less than expected, while the unemployment rate dropped to 5.8% from 5.9% a month earlier.
Watch the video below for a closer look at how U.S. futures are doing in premarket trading Friday:
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Analysts had expected an increase of 231,000 jobs and for the unemployment rate to hold steady at 5.9%. Hopes were high for a repeat performance of September's jobs report, when data showed a revised 256,000 jobs were added and the unemployment rate dropped to 5.9%, its lowest level in six years.
Though the jobs increase was less than forecast, Loretta Mester, head of the Cleveland Federal Reserve, told CNBC the report was strong across the board and that labor markets had improved. The U.S. economy has added at least 200,000 workers for nine consecutive months with an average 229,000 jobs added monthly so far this year, the fastest rate in 15 years.
Futures were higher with the Dow Jones Industrial Average gaining 0.16%, the S&P 500 up 0.15%, and the Nasdaq adding 0.34%.
U.S. stocks had been rising to new record heights in anticipation of the data celebrating a second consecutive day of all-time closing highs on Thursday. The Dow and S&P 500 have been on a tear since midweek after the GOP seized the Senate, sparking hopes of pro-business economic policy, and following European Central Bank President Mario Draghi's hints of stimulus for the eurozone.