Jobless rate falls to 8.3%, cheering a surprised Wall Street

Dow Jones average surges to 12,862, the highest since 2008, as the White House says figures reflect long-term gains. Some analysts urge caution as Fed chief calls recovery 'frustratingly slow.'

An unexpected burst of job growth last month helped drive down the unemployment rate to its lowest point in three years, raising hopes that the long-sluggish labor market is gaining momentum despite significant challenges to the economy.

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