From 65k to 165k! U.S. nonfarm payrolls stage a major reversal—will financial markets change dramatically in December?

What surprised markets most about this U.S. nonfarm payrolls report was not the number of jobs added, but the huge gap between the actual figure and expectations.
Markets had expected 65k jobs to be added in October, but the actual figure came in at 165k—100k more than expected!
Meanwhile, the unemployment rate fell from 4.2% to 4.1%, and average hourly earnings rose 0.4% month over month. Employment figures for the previous two months were also revised up by a combined 84k.
This means the U.S. labor market is holding up better than markets had initially expected.
After the data came out, expectations of a December Fed rate hike rose rapidly, with the probability of a 25-basis-point hike reaching 77.7%.
For global financial markets, this is undoubtedly an important signal.
The dollar may find support, gold may face pressure from interest rates, and U.S. stocks will need to reassess the relationship between corporate earnings and financing costs.
But the real suspense remains: Can strong employment persist? Will inflation heat up again? Will the Fed really act in December?
This year-end financial market drama may only just be getting started.#10月非农数据聚焦