US economy added 227,000 jobs in February while the unemployment rate remained at 8.3 per cent, official figures showed.
This is the first time since early 2011 that payrolls have grown by more than 200,000 – a sign the economic recovery was broadening and in less need of stimulus from the Federal Reserve.
The economy created 61,000 more jobs in December and January than previously thought while the jobless rate held steady. Although the numbers are improving, it still remains too slow to absorb the 23.5m Americans who are out of work or underemployed.
Federal Reserve chairman Bernanke described the jobs market as “far from normal” and said continued improvement would require stronger demand for US goods and Services.