The closely-watched nonfarm payrolls report from the Labor Department's Bureau of Labor Statistics showed that employers in the world's largest economy added 150,000 jobs during the month, down from a revised figure of 297,000 in September. Economists had expected a reading of 180,000.

The unemployment rate is also came in at 3.9%, up from 3.8% in the prior month, while average hourly earnings increased by 0.2% month-on-month in October, following a 0.3% gain in September.

Fed officials will likely be monitoring the job numbers carefully, as they may provide insight into whether the U.S. central bank's unprecedented run of policy tightening is causing economic activity to cool.

Meanwhile, any signs of resilience in the jobs picture could fuel concerns over lingering inflationary pressures, potentially giving the Fed more headroom to roll out additional rate hikes.

Following a two-day meeting earlier this week, the Federal Open Market Committee voted to keep the key Fed funds rate steady at a target of 5.25% to 5.50%. This range, which stood at near zero in March last year, is at its highest level in more than two decades.

However, recent data has pointed to continued robustness in the U.S. economy. Consumer prices advanced at a faster-than-anticipated clip in the 12 months through September, while gross domestic product in the third quarter also outpaced estimates.

Speaking at a news conference on Wednesday following the decision, Fed Chair Jerome Powell left open the possibility for additional policy tightening, but stressed that officials will proceed carefully in response to a host of uncertainties facing the U.S. economy.

Markets are already widely betting that the Fed will choose to keep borrowing costs steady at its next meeting in December, with much of the debate now swirling around how long it will maintain rates at their current elevated levels.