US payrolls soar past expectations to ease recession fears

July US employment figures have come in well ahead of economists' estimates, helping stave off fears of a new US recession, despite a small rise in the unemployment rate to 8.3%.

The US added 163,000 jobs in July, according to the US Bureau of Labor Statistics, easily beating expectations of a 100,000 increase. But that figure, the highest number in five months, was accompanied by a rise in the unemployment rate from 8.2% to 8.3%, while May and June's disappointing employment numbers were revised down by a further 6,000 in total. The rate has been stuck above 8% for the past two years, stifling hopes of a US economy recovery and putting pressure on president Barack Obama as he prepares for his re-election bid this November. Equities added to earlier gains i...