Payrolls in U.S. Jumped 243,000 in January Unemployment Rate Drops to 8.3%

Employment climbed more than forecast in January and the U.S. jobless rate unexpectedly fell to the lowest in three years, casting doubt on whether the Federal Reserve can wait until 2014 before raising interest rates

The 243,000 increase in payrolls was the most since April and exceeded all forecasts in a Bloomberg News survey, Labor Department figures showed in Washington. The unemployment ratedropped to 8.3 percent, the lowest since February 2009.

The jump in hiring shows companies are gaining confidence the expansion will weather Europe’s slump and may boost President Barack Obama’s re-election bid. The data come one week after Fed policy makers said the economy wasn’t growing fast enough to push down the jobless rate, prompting them to extend a pledge to keep interest rates low for another two years.

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