US economy beats forecasts with 253,000 new jobs in April, as jobless rate falls to 3.4% – as it happened

Latest US jobs report beats forecasts, although February and March's data has been revised down

• BA owner raises profit forecast as travel demand rebounds
• Trading halted in shares of two more US lenders as fears of banking crisis mount
• US banks are failing, and the authorities seem unlikely to intervene

The owner of British Airways has upgraded its full-year profit expectations thanks to strong demand for holiday travel, as the airline group said it expected to fly almost the same number of passengers this year as it did before the coronavirus pandemic.

International Airlines Group (IAG) reported a first-quarter profit for the first time since 2019, before the travel industry was plunged into chaos by Covid lockdowns. It made an operating profit of 9m (7.9m) in the first three months of the year.