The US labour market is on the up, with non-farm payrolls enjoying a 242,000 jobs increase last month.

The figures from the US Department of Labor should do much to ease concerns that the country is heading back into a recession and allow interest rates to rise gradually as the year progresses.

Adding to the February stats, it was announced that the economy added 30,000 more jobs for the months of December and January than stated in previous reports.

Unemployment remains at an eight-year low of 4.9% in the US for now, but that should soon change for the positive, with estimates putting first quarter growth at 2.5%.

Average hourly earnings did drop by three cent, but this can be put down to an adjustment for the calendar quirk that saw earnings jump in January.