US posts largest job gains in 11 months

strength in the economy, even as the jobless rate rose to nine percent.
Private sector hiring, including a big jump in the retail sector, boosted overall non-farm payrolls by 244 000, the largest increase in 11 months, the Labour Department said, beating economists’ expectations for a 186 000 gain.

The private sector job gains of 268 000 were the biggest since February 2006 and accounted for all the jobs created last month.
The data was supportive of views the economic recovery would regain speed this quarter after stumbling in the first three months of the year on high food and energy prices.

The data also contrasted with signs of slowing in the labour market.

“We are getting close to the point where we are seeing sustainable job growth.

“That creates income that generates spending and, hopefully, more jobs,” said Gary Thayer, chief macro strategist at Wells Fargo Advisors in St Louis, Missouri. – Reuters.