NEW YORK: Data showing that the US economy added more than a quarter of a million jobs last month soothed recession worries Friday , bringing a rebound in stocks including for troubled midsized American banks.
The numbers show that the jobs market remains strong despite banking sector upheaval, higher borrowing costs and uncertainty surrounding a potential government default. But the central bank signaled it could pause at its next meeting, as concern over the impact of higher interest rates mounted, particularly following the collapse of three midsized banks in March and the failure of another one this week.
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