Mon, May 21, 2012, 7:12 PM AEST - Australia Markets closed

Surprise jobs growth in US

New figures from the United States show there has been an unexpected drop in unemployment.

In a burst of job growth, the US economy added almost 250,000 jobs in January, pushing unemployment down to 8.3 per cent, compared to 8.5 per cent in December.

It means joblessness is now at its lowest level since president Barack Obama took office.

Mr Obama welcomed the news but urged Republicans not to mess with the recovery by blocking his economic policies.

"I want to send a clear message to Congress.

Do not slow down the recovery that we're on.

Do not muck it up.

Keep it moving in the right direction," he said.

"The economy is growing stronger.

The recovery is speeding up." The latest jobs report was further buoyed by revisions to data for November and December, showing 60,000 more jobs were created in those months than previously thought.

But in an election campaign focused on the economy, Republicans are arguing the recovery would have been faster if it were not for the president's policies.

Market Data

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    0.62300.00+0.10%
    AUDGBP=X
    0.7713-0.00-0.01%
    AUDEUR=X
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