While the Labor Department released a report on Friday showing weaker than expected U.S. job growth in the month of October, the unemployment rate still fell to a new six-year low. The Labor Department said non-farm payroll employment rose by 214,000 jobs in October compared to economist estimates for an increase of about 235,000 jobs. At the same time, revised data said employment climbed by 256,000 jobs in September and by 203,000 jobs in August, reflecting a net upward revision of 31,000 jobs. The report also said the household survey measure of employment surged up by 638,000, outpacing the 416,000 increase in the size of the labor force. Subsequently, the unemployment rate edged down to 5.8 percent in October from 5.9 percent in September. Economists had expected the unemployment rate to hold unchanged. With the unexpected drop, the unemployment rate fell to its lowest level since hitting a matching rate in July of 2008. The unemployment rate of 5.8% is not too far from the Fed's year end 2015 target range of 5.4-5.6% thus putting the Fed even further behind the ball," he added. "Expect a March rate hike." The job growth in October was widespread across most sectors, with the Labor Department specifically pointing to increased employment in food services and drinking places, retail trade, and health care. However, a number of analysts pointed to disappointing wage growth, as average hourly earnings edged up 3 cents to $24.57 in October and were up by just 2 percent year-over-year. James Knightley, an economist at ING Bank, said the tame wage growth came despite last week's employment cost index report suggesting that worker compensation costs are rising. "Nonetheless, with unemployment continuing to fall, thereby shrinking the pool of available labor, we expect wages to eventually respond," Knightley said.