The US labor market showed fresh signs of resilience on Thursday as private hiring surged per ADP; layoffs slowed and filings for unemployment stayed relatively low. US companies added almost 500k jobs last month, the most in over a year. Meanwhile, weekly filings for jobless benefits rose by 12K to 248K according to the Labor Department. While that was more than forecast, the figure is still below June’s peak of 265,000 which was the highest since 2021. Treasury yields surged following the data (10yr T’s currently 4.04%), which is expected to further solidify the case for the Fed to raise interest rates at its meeting later this month following last month’s tenuous decision to pause after 10 straight increases.