(Bloomberg) — Employment snapped back with a vengeance in October, wage growth accelerated and the jobless rate fell to 5 percent, boosting the odds that Federal Reserve policy makers will raise borrowing costs next month.

The 271,000 gain in payrolls was the biggest this year and exceeded all estimates in a Bloomberg survey of economists, a Labor Department report showed Friday. The median forecast called for a 185,000 advance. Average hourly earnings climbed from a year earlier by the most since July 2009.

Treasuries tumbled and the dollar strengthened as the report allayed concerns of a hiring slowdown after weaker payrolls advances in the prior two months. Such improvement will probably means a green light for Fed officials, who last month held out the possibility of a December rate increase.