The U.S. labor market in October reached its longest stretch of job creation since at least World War II, a run at odds with a slow pickup in wages and voter discontent with the economy.

U.S. employers, which added 214,000 jobs to payrolls last month, are on pace to post the best yearly gain in employment since 1999. The steady job growth has pushed the nation’s unemployment rate down to 5.8% last month, closer to a level many economists consider healthy. It also suggests U.S. businesses are largely shrugging off mounting...