U.S. Payrolls Rise, Jobless Rate Falls to 5.8%

Lynne Sladky/AP

By Lucia Mutkani

WASHINGTON -- U.S. job growth increased at a fairly brisk clip in October and the unemployment rate fell to a fresh six-year low of 5.8 percent, underscoring the economy's resilience in the face of slowing global demand.

Despite the strengthening labor market picture, wage growth remained tepid, suggesting the Federal Reserve would be in no hurry to start lifting interest rates.