"Trying to guess the headline number on this one was a fool's game," said Art Hogan, chief market strategist at Wunderlich Securities. The report "looks pretty sloppy from the top, but there's more good news than bad."
Treasury yields jumped after the report's release. The benchmark 10-year yield advanced to 2.362 percent, while the two-year yield rose to 1.51 percent, notching its highest level since 2008.
"Everyone knew the report would be confusing because of the distortions from [hurricanes] Harvey and Irma," said Richard Piccirillo, managing director at PGIM Fixed Income. "But despite the distortions, average hourly earnings went down and unemployment went down. I think the bond market is reacting a bit to that."
The strong wages data also increases the chances of a Federal Reserve rate hike by December, according to Minh Trang, senior FX trader at Silicon Valley Bank.
"Over the past few months, they've reopened the path for another rate hike," he said. From before the central bank's previous meeting [to today], the odds of a rate hike have risen from about 30 percent to 80 percent."
Stocks were coming off yet another record-setting session. The S&P 500 posted its sixth straight all-time closing high on Thursday, marking its longest streak of record closes since 1997. The Dow and Nasdaq also notched record highs.
The major indexes also posted strong weekly gains, rising more than 1 percent.
Sentiment on Wall Street has been lifted lately by strong economic data and renewed hope of tax reform.
The ISM manufacturing and nonmanufacturing numbers released earlier this week hit multi-year highs. Meanwhile, the House passed a $4.1 trillion budget on Thursday, which marked the first concrete step toward enacting tax reform.
"We've seen this reflation trade and that's correlated with tax reform," said Jeff Zipper, managing director of investments at the Private Client Reserve of U.S. Bank. "We're also seeing this synchronized move higher, not just globally but also domestically."