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By Everett Rosenfeld, CNBC

The U.S. created 287,000 jobs in June, massively topping analyst expectations.

The national unemployment rate rose slightly more than expected in June, to 4.9 percent.

Economists surveyed by Reuters had said they were, on average, expecting nonfarm payrolls to show growth of 175,000 for June, and the unemployment rate to rise to 4.8 percent.

Moushumi Paul (R) of the USDA interviews job applicant Sherry Rose (L) at a U.S. Chamber of Commerce Foundation "Hiring Our Heroes" military job fair in Washington January 8, 2016. REUTERS/Gary Cameron

The initial May report showed the U.S. unemployment rate came in at 4.7 percent, a recent low, but nonfarm payrolls only grew a dismal 38,000 jobs.

After those figures were released last month, stock futures tumbled and the probability of a June rate hike from the Federal Reserve plummeted to single digits.

Read More From CNBC: Dow Futures Add 100 Points After Huge Jobs Beat

Fed funds futures show low expectations for a rate hike this year, with just a 12 percent chance of a hike priced in for December. The first full rate hike is not priced in until November, 2018, according to Jefferies.

Despite the market's expectation for a dovish central bank, Fed Chair Janet Yellen has struck a generally positive tone in subsequent addresses.

In a post-jobs report speech from Philadelphia, Yellen said her overall assessment of the labor market is quite positive. Although the slowdown indicated by the May numbers bears "close watching," she said, wage growth may "finally be picking up."

"Although this recent labor market report was, on balance, concerning, let me emphasize that one should never attach too much significance to any single monthly report," she said in prepared June 6 remarks.

Still, the Fed opted to leave rates unchanged in June and officials only weakly committed to two more rate hikes this year.