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ForexTV NewsDesk | February 3 2012 11:51 EST
ForexTV.com (New York) by Chikako Shitani
Employment rate soured more than expected in January and the U.S. jobless rate unexpectedly dropped to the lowest in three years, forecasting doubt on the Federal Reserve's pledge to keep interest rates low until late 2014.
Employers added 243,000 in payrolls was the most biggest number since April, Labor Department figures showed in Washington today. The unemployment rate dropped to 8.3 percent, the lowest since February 2009.
Ben Bernanke, chairman of the Federal Reserve Board, told Congress yesterday the while the labor market has “improved modestly” over the past year, the long-term unemployment picture is “economy wasn’t growing fast enough to push unemployment lower.”
Stocks and bond yields jumped as the report fueled optimism the economy is weathering the European debt crisis. The Standard & Poor’s 500 Index rose 1.27 percent to 1,342.36 The yield on the benchmark 10-year Treasury note climbed 0.115 % to 1.936 at 11:42 a.m. in New York.
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