A tightening job market is delivering the strongest wage growth for U.S. workers since the recession, likely keeping the Federal Reserve on track to raise interest rates next month.

Employers added 161,000 nonfarm jobs in October, with upward revisions to the two prior months bolstering the recent trend of job gains, the Labor Department said Friday. The unemployment rate ticked down to 4.9% owing to a dip in the number of people participating in the workforce.

The...