On May 5, 2017, the US Bureau of Labor Statistics (BLS) released their latest labour market data – Employment Situation Summary – April 2017 – which showed that total non-farm employment from the payroll survey rose by 211,00 in April up from the miserable 98,000 the previous month. The unemployment rate fell from 4.5 per cent to 4.4 per cent. The estimate of employment change from the Labour Force Survey was also positive (156 thousand net jobs added). Last month, we wondered whether the poor showing signalled the beginning of a slowdown after the positive ‘Trump’ spike or whether it was just a monthly variation that will iron itself out over the longer period. We are probability safer concluding it was monthly variation. Whatever the direction, there is still a large jobs deficit remaining and other indicators suggest the labour market is still below where it was prior to the crisis.