US employment rose at its fastest pace in nearly four years in March, when an additional 308,000 jobs were created. The gain is the largest since April, 2000 and was almost three times the increase expected by analysts. The report showed that the job gains took place across a wide range of industries.
There was no increase in manufacturing employment, but the US Labor Department said that factory payrolls were unchanged in March, breaking a string of 43 consecutive monthly declines.
According to the Labor Department figures, the unemployment rate also rose in March to 5.7%, up from the two-year low of 5.6% in January and February.
The figures are good news for the Bush administration, since the unemployment levels are an important electoral issue.
The positive figures have increased speculation that the Federal Reserve may raise overnight interest rates from their current level at 1%.
European markets rose on the announcement and the dollar strengthened against the euro.
