US job growth slowed considerably last month, with just 175,000 positions added in April.
The slower-than-expected gains come as the Federal Reserve has sought to cool demand to tame high inflation.
Economists have anticipated that the labour market will see a gradual slowdown due to the pressure of high interest rates.
Markets surged on the news, with Dow futures up by 505 points, or 1.3%; S&P 500 futures were up 1.1% and Nasdaq futures gained 1.5%.
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