"The three-month average on payrolls is back at 202,000. It's all here. GDP is printing 3 percent. We have to stop thinking the shutdown had some impact.," said Joseph LaVorgna, Deutsche Bank chief U.S. economist. "Good news is now bad news (for markets). The Fed might taper sooner."
Moody's Analytic chief economist Mark Zandi said the number looked too good to be true, and he thinks the Fed has too little information to pare back its quantitative easing program. He said it will be several months before it can get a clear reading on employment.
"I'm surprised. I think it's bizarre. My sense is this is going to get revised down, or we'll get some weaker number going forward. I just can't see the government shut down and brinkmanship not doing some damage to the job market," he said.
"The percent of companies that responded to the survey was inordinately high. It was around 83.5 percent. It was typically more like 60 percent. It may be that they had more time to respond." Last month, the percent of companies responding was 72 percent. This month, the government delayed releasing the jobs report by a full week.
JPMorgan economists, on the other hand, said the strong report makes it more likely the Fed will slow its bond buying sooner than the March time frame it had expected.
"This stronger trend shifts the expected timing of the Fed taper of asset purchases to January (from March-April). The timing could be earlier if the labor market continues to surprise on the upside and could be later if the fiscal negotiations are drawn out," they wrote.
(Watch: What will jobs do to bonds?)
The October report, however, did contain plenty of negatives. The unemployment rate climbed to 7.3 percent and households reported a huge decline in employment. The measure that shows the underemployed and those who stopped looking also rose, to 13.8 percent from 13.6 percent.
"Certainly this report is clouded. Good news on the payroll front though half the gains are in leisure, hospitality and retail, which means they were hiring for the season," said Mesirow Financial's chief economist, Diane Swonk. "The fall in employed workers was larger than expected. ... We've got these two conflicting reports."
(Read more: So much for that 'disposable' October jobs report)
Swonk said even though the report is inconclusive, the Fed will have a heated debate about "tapering" its $85 billion bond-buying program at the December meeting. Many economists have expected the Fed to wait until March because of the uncertainty about the government shutdown on the economy and hiring.