The labor market in the U.S. bounced back in a big way in October after a soft showing in September.

The government’s just-released Nonfarm Payrolls Report showed the addition of 165,000 jobs in October, far past estimates for 65,000. September’s originally reported 29,000 job gain was revised higher to 60,000.

The October unemployment rate fell to 4.1% versus forecasts for 4.2% and September’s 4.2%.

Bitcoin was down a hair just after the news, trading at $75,800. Nasdaq 100 futures continued with a 1.5% gain. The 10-year U.S. Treasury yield rose 6.4 basis points to 4.894%.

Average hourly earnings rose 0.4% last month, ahead of forecasts for 0.3% and September’s 0.3%. On a year-over-year basis, earnings were up 3.1% versus 2.9% expected, and 3.2% in September.

Thanks to the stock market rout, traders had been rapidly trimming bets that the Fed would raise rates at its final meeting of the year next month. Ahead of the data, odds of a rate hike had fallen to about 70% from roughly 95% just weeks ago.

While this report is likely to have traders again betting on a December rate hike, next week’s CPI and PPI reports will likely be more important in the Fed’s decision, as will whether the equity market stabilizes.

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