US / Nonfarm payrolls surged 236,000 jobs and jobless rate fell to 7.7 percent

U.S. employers stepped up hiring in February, pushing the unemployment rate to a four year-low and suggesting the economy has enough momentum to withstand the blow from higher taxes and deep government spending cuts.

Nonfarm payrolls surged 236,000 jobs last month, the Labor Department said on Friday, handily beating economists’ expectations for a gain of 160,000.

The jobless rate fell to 7.7 percent, the lowest since December 2008, from 7.9 percent in January. The decline reflected gains in employment as well as people leaving the labor force.

Although December and January’s employment data was revised to show 15,000 fewer jobs added than previously reported, details of the report were solid, with construction adding the most jobs since March 2007 and increased hours for all workers.

It was another sign of the economy’s fundamental health, which has already propelled the Dow Jones industrial average .DJI to record highs. The sturdy gains in February also offered hope the economy would be able to absorb the fiscal austerity.

Chosen excerpts by Job Market Monitor 

 via Sturdy February job gains bolster economy | Reuters.