The US non-farm payroll figure came in at 220,000 for the month of June, far higher than analysts were expecting.

The figures, published by the Bureau of Labor Statistics, showed the unemployment rate remained around the same at 4.4 percent. Average hourly earnings (over the year) were up 2.5%.

The statement also revised the figures to April and May upwards, with the US economy creating 207,000 new jobs during April, rather than the 174,000 originally reported. In May, companies created 152,000 new roles, higher than the initial reading of 138,000.

Kully Samra, UK managing director at Charles Schwab, told the BBC that the US employment figures have “surpassed expectations”:

He says: “With only one more rate hike expected this year, investors should turn their attention to the Fed, which will soon attempt to shrink its behemoth $4.5 trillion balance sheet. Success would be if the Fed can gracefully divert the excess liquidity it’s created from financial assets to the real economy.”