253,000 new jobs | Promising signs from the labor market as growth bounces back

Despite growing worry around the current banking crisis and increasing borrowing costs, it seems that the US jobs market is in rude health.

Within the last month, employers added a total of 253,000 jobs according to the Bureau of Labour Statistics – a far stronger performance than analysts predicted, even whilst the Federal Reserve signalled it was ‘getting close’ to pausing its cycle of interest rate rises.

In addition to the creation of new jobs, the unemployment rate across the US fell to 3.4%, returning to a low that beat several decades of higher rates.

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Whilst the news reverses the immediate predictions based on recent economic events, The Labor Department’s latest report noted that hiring had been weaker than previously estimated in February and March.