March Jobs data for the US came in at 215,000 new positions created beating market expectations of 205,000. Unemployment ticked up from 4.9% to 5% and average earnings increased by 0.3%. A mild but positive reaction in fixed income and FX markets suggests these numbers are being seen as a broadly positive indicator that the worlds largest economy is still on the road to recovery but remains consistent with the assumption that future interest rate rises in the US need to be approached with caution against the backdrop of lingering concerns around global growth.