Economy Adds 161,000 Jobs in October, Fueling December Rate Hike Talk

The economy added a healthy 161,000 jobs in October, according to fresh data released on Friday. Even though economists had expected 178,000, Nick Colas, chief market strategist at Convergex, said the number is strong enough to prompt the Federal Reserve to hike interest rates in December. Revisions to the prior two months netted the economy an additional 44,000 jobs. Average hourly earnings rose 2.8% year over year. The unemployment rate fell to 4.9% from 5%. The labor force participation rate was largely unchanged at 62.8%. TheStreet's Scott Gamm reports from Wall Street.