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.