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(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.

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