Jobless rate drops to lowest level in almost three years

The U.S. economy created jobs at the fastest pace in nine months in January and the unemployment rate dropped to a near three-year low, offering a hopeful sign for hiring in the year ahead.

Employers added a net 243,000 jobs last month, the Labor Department reported Friday -- that's the most since April and far better than economists' expectations for a gain of only 150,000.

“It’s a strong number, a very strong number, I would say,” said Vassili Serebriakov, a currency strategist at Wells Fargo Bank. “It’s consistent with the broad improvement in the U.S. economic data, but I think the extent of strength in today's report is somewhat of a surprise, and this is a good sign for the U.S. employment market and the U.S. economy.”