Jobs up to a 9-month high in February (Reuters) (04-03-2011)

WASHINGTON – More jobs were probably offered in February than in any month since May last year, recovering from extreme winter weather and raising hopes the economic recovery has gathered critical momentum.

Nonfarm payrolls increased 185,000, after a measly 36,000 jobs in January showing that U.S. labor market was recovering more quickly from the worst recession since the Great Depression.

U.S. payrolls in recent months have fallen far short of economists' expectations, despite labor market indicators, pointing to a faster pace of job creation.

The unemployment rate is seen ticking up to 9.1 percent from 9.0 percent in January as once discouraged jobseekers return to the labor force to look for work.

The jobless rate has dropped 0.8 percentage point since November, the biggest two-month decline since 1958.

Economists believe the Fed will want to see payroll gains in excess of 200,000 for at least six to nine months and a significant decline in unemployment before starting to withdraw its massive monetary support from the economy.

The private sector is about to account for all the job gains in February, with an addition of 190,000 positions. That would be up from 50,000 in January.

Source: Reuters