The benchmark 10 year Treasury yield climbed more than 4 basis points to 4.88% and market implied odds of a December Fed rate hike rose to as high as 79% from roughly 67% after October US job growth topped every forecast in Bloomberg’s survey. The 165,000 nonfarm payroll gain beat the highest economist estimate of 131,000 as well as the 65,000 to 70,000 median consensus.

Professional and business services led October hiring with 70,000 new jobs, followed by 42,000 in health care, 25,000 in transportation and warehousing, and 19,000 in manufacturing. Over the past year, health care and social assistance accounted for 519,000 of the 885,000 total jobs added, while the information sector lost 119,000 positions. Despite the headline gain, the number of people working part time for economic reasons rose by 339,000 in October to 4.8 million.

The Bureau of Labor Statistics also revised August payrolls up by 53,000 to 186,000 and September payrolls up by 31,000 to 60,000, for a combined two month addition of 84,000 jobs. Unemployment edged down to 4.1% even as labor force participation ticked up to 61.9%, while average hourly earnings rose 0.4% on the month and 3.1% from a year earlier, staying above the 3% mark economists had expected it to breach.