RJ and Makay

An important finding about the economic expansion that occurred in the U.S. in January and February: It appears to be widespread, taking place all around the country and not just in concentrated pockets, according to the Federal Reserve, which helps gauge the economy by surveying its 12 regional banks and publishing the results in the "Beige Book."

Indeed, all 12 of the Fed's regions reported growth in one or more industries during the first two months of the year, albeit at a modest to moderate pace. However, the pace was such that it suggest increased job creation in each region.

Just when it seemed the economic recovery might sputter, the jobs market delivered some welcome news. According to the Labor Department, hiring rebounded in February, pushing unemployment down to 8.9% — the first time the jobless rate has been under 9% in nearly two years.

The improvement reflects a rise in nonfarm payrolls of 192,000 last month as private-sector employers added 222,000 jobs. There were private-sector job gains in January, too, says the Labor Department, which upwardly revised its estimate of the number of jobs added in January to 63,000 from 36,000.

Encouraging signs that the sluggish employment market might be showing signs of life have been noted by economists, with November marking a two-year low for the number of people applying for initial unemployment benefits. In addition to the slow-down in layoffs, retailers reported a strong October and the housing market posted a third consecutive monthly increase in signed contracts for home purchases. On Wall Street, the Dow Jones industrial average shot up over 90 points, and that’s after it leaped 249 points on Wednesday, the biggest gain since September 1. Also, earlier this week, additional economic reports showed that factories are producing more goods, construction spending has increased and auto sales are on the rise.

Nigel Gault, chief U.S. economist at HIS Global Insight predicts that private companies grew by a net total of 180,000 for November, an increase beyond his earlier forcast of 160,000 new jobs. In October, private firms added a net 159,000 jobs, which marked a change in the job creation trend, which had been stagnant almost all summer. Although the job growth number is probably a little less after government payroll declines are subtracted, Gault and other economists optimistically expect to see that the overall economy added 170,000 net jobs in November, although the general consensus is still only predicting a gain of 145,000. In November, a total of 151,000 jobs were added to the economy.