The U.S. Labor Department released the jobs report for the month of January, where the Non-farm payrolls showed that 243 thousand jobs were added to the private payrolls, compared with the prior revised estimate of 203 thousand jobs and well above estimates of 140 thousand, while the unemployment rate plunged unexpectedly to 8.3percent from 8.5 percent, the lowest since February 2009.

Average hourly earnings rose 2 percent, compared with the prior revised rise of 0.1 percent and in line with market expectations, while compared with a year earlier, average hourly earnings dropped to 1.9 percent as expected from 2.1 percent. Average weekly hours were unchanged at 34.5, up from expected estimate of 34.4.