WASHINGTON (MarketWatch) — The U.S. generated 214,000 new jobs in October to nudge the unemployment rate down to a six-year low of 5.8%, another healthy increase in hiring that points to solid economic growth in the months ahead.

Job creation in October marked the ninth straight month the economy has added 200,000 jobs or more, a feat last accomplished in 1994, a government survey of work establishments showed. Hiring in September and August were also higher than previously reported.

The U.S. has created 2.3 million jobs this year and is on track for the biggest gain in almost a decade.

What’s more, job openings recently hit a 13-year high while layoffs have fallen to the lowest level since the turn of the century.

The unemployment rate, meanwhile, fell again as nearly 700,000 people found work, according to a separate survey of households. And another 400,000-plus joined the labor force, a good sign because it means people think more jobs are available.

“The elusive virtuous-cycle for the U.S. economy appears tantalizingly close,” said Scott Anderson, chief economist at Bank of the West. Economists react to October jobs report.

Also see: The Janet Yellen jobs dashboard

Yet the acceleration in hiring has done little to boost wages for American workers, while a still-high 18.2 million people cannot find a good full-time job. Hourly pay rose slightly in October but has been growing at a lackluster 2% annual pace. The U.S. economy can’t grow much faster, economists says, until wages do.

Average hourly wages were little changed in October. Hourly pay rose 3 cents to $24.57, putting the 12-month increase at 2%, the Labor Department said Friday. Year-over-year increases have ranged from 1.9% to 2.2% in the past two years.

“This suggests that despite the tightening labor market, employers are able to attract a sufficient number of applicants that they do not yet need to bid up wages,” said Sophia Koropeckyj, managing director at Moody’s Analytics.

The amount of time people worked each week, however, rose a tick to 34.6 hours and sat at a postrecession high. Hours tend to increase as an economy strengthens.

The labor-force participation rate edged up to 62.8% from 62.7%, reflecting the spike in the number of people now looking for work.

Employment gains for September and August were revised up by a combined 31,000. The government said the 256,000 new jobs were created in September, up from a preliminary 248,000. August’s gain was raised to 203,000 from 180,000.

Another gauge of unemployment, the U6 rate, fell to a six-year low of 11.5%. The U6 rate includes workers who can only find part-time jobs and people who recently gave up looking because they were so discouraged.

The growth in employment in October was below Wall Street expectations. Economists polled by MarketWatch had forecast a 243,000 increase in new jobs last month. In afternoon action, U.S. stocks SPX, -2.48% were trading near record highs. See Market Snapshot.

So far in 2014 the U.S. has gained an average of 229,000 jobs a month, the fastest pace since 1999. The last time the economy churned out a higher number of jobs each month was 15 years ago.