March Payrolls Swell 308,000 In Long-Awaited Job Breakout; A Near-Tripling Of Forecasts; Revisions to Jan. and Feb. add 87,000 to net gain; stocks rally, bonds plunge.(A)

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After months of dashing hopes for a pop in hiring, the U.S. economy finally delivered, adding 308,000 jobs in March, the best growth in four years.

Friday's nonfarm payrolls blew out estimates for 123,000 jobs. And the Labor Department revised up January and February employment by a total of 87,000.

"This was the very last piece of the puzzle to fall into place," said Sherry Cooper, chief economist for Toronto-based BMO Nesbitt Burns. "This will certainly lead to higher consumer confidence and augment income growth, and so it's a very positive development."

The jobless rate edged up to 5.7% from 5.6% in February, as 179,000 people joined the labor force.

"Even the rise in the unemployment rate can be construed positively," Cooper said. "It means that people were returning to look for jobs and returning to the work force officially, and that's always a good sign."

The stock market cheered the news. The Nasdaq jumped 2.1% and the S&P 500 rose 0.85%, both on heavy volume. The small-cap Russell 2000 hit a new high.