The U.S. jobs report issued Friday was surprisingly good, showing much stronger growth in employment than most analysts had expected. As far as investors are concerned, the Fed's decision on whether to raise interest rates at its next meeting in December is more or less settled.
Nonfarm employers added an estimated 271,000 jobs in October, the largest monthly gain since December 2014, and the unemployment rate declined to 5 percent. Other measures also suggested a tightening of conditions in the labor market. The message looks pretty clear: The economy is at or close to full employment, and it's time to start restoring normal monetary policy.