The Labor Department announced nonfarm payrolls increased by 94,000 last month, beating economists' expectations. Forecasters were anticipating an increase of 85,000. September and October payroll figures were revised down a total of 48,000. The unemployment rate was a less than expected 4.7%, the third month in a row it gave that reading. "Once again, as markets were anticipating the economy falling off a cliff -- it isn't," said Mickey Levy, chief economist at Bank of America. "I'm sure when the number printed, the Fed had a sigh of relief that it wasn't a disastrous number." The Fed is set to meet next week and most are expecting some type of cut. After the report was released, futures prices indicated a 26% probability the Fed will make a 50 basis point cut, down from 36% yesterday, and a 74% chance the Fed will cut only 25 basis points.Get Wall Street Breakfast by email -- it's free and takes only seconds to sign up.