U.S. job growth rebounded in October, as the economy added new 271,000 payroll jobs and the unemployment rate fell to 5 percent, the Bureau of Labor Statistics reported Friday.

The report easily beat economists' expectations for 190,000 new jobs, adjusted for seasonal fluctuations, and suggested that the job market recovery is still intact.

Friday's highly-anticipated monthly jobs report was a welcome departure from the past two releases, which both initially showed job growth under 150,000 and raised questions about the resilience of the ongoing recovery.

In fact, the late summer months enjoyed stronger job growth than previously thought. Friday's report revised job gains for the two months up by 12,000 total. Over the past three months, monthly job growth has averaged nearly 190,000.

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