The U.S. economy added 638,000 jobs in October, a slight drop from September, when the economy added 672,000 jobs.

The job gains were enough to push the official unemployment rate down to 6.9% from 7.9% in September.

The U-6 unemployment rate, which unlike the official rate includes discouraged workers who have stopped looking for work and workers in part-time jobs who would like full-time work fell to 12.1% from September's 12.8%.

And this month's drop in the unemployment rate wasn't driven by workers leaving the workforce.The labor participation rate rose 0.3 percentage points to 61.7%, still a low rate on historical standards.

So why didn't the market move up and strongly on the news?

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