Friday's solid jobs report paves the way for a December rate hike from the Federal Reserve, so long as the stock markets don't fall into a tizzy following Tuesday's presidential election.

That's the assessment from Nick Colas, chief market strategist at Convergex, based in New York. 

"Particularly in the case of a Trump win, many people think that's going to drive a lot more volatility into the market and we've seen some of that already with this very unusual 8 straight down day sequence [in stocks]," he said.

But from a labor market perspective, Colas thinks Friday's nonfarm payroll increase of 161,000 is a signal the Fed can go in December, marking its second rate hike since the 2008 recession. The first one was in December 2015.

"What the Fed will think is that this is a pretty good number," Colas said. "Not quite as strong as the 181,000 average for the year to date, but still a respectable number."

Analysts were expecting the economy to create 178,000 jobs in October. September's figures were revised higher, showing 191,000 jobs were added, instead of the previously reported 156,000. The August figures were revised higher by 9,000 positions. 

One of the biggest bright spots in Friday's report was 2.8% year-over-year growth in average hourly earnings, the largest increase since 2009. 

"It feeds the hope that inflation can pick up and that's really the Fed's concern," Colas said. "Hopefully, wage growth like this can push through and create that end inflation the Fed is looking for."

The core personal consumption expenditure price index rose 1.7% year-over-year as of September; below the Fed's 2% target.

In the event of prolonged stock market volatility surrounding the election, Colas said it's not a time to bail on the stock markets as the underlying fundamentals are still solid. 

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