US looks set for December interest rate rise after jobs boost

Fall in unemployment to 5%, extra 270,000 people in work and slight wage increase likely to trigger first increase in decade

The US appears to be on course for its first interest rate rise in almost a decade next month after higher than expected job creation pushed the unemployment rate down to 5%.

Non-farm payrolls - employment in all sectors barring agriculture - increased by 271,000 in October, according to official figures published on Friday, compared with 142,000 the previous month and above the 185,000 that economists polled by Reuters had expected.

Related: Janet Yellen says December interest rate hike is still on the table

Related: US economy smashes expectations to add 271,000 jobs in October