Bitcoin Price Reacts Immediately to Weaker-Than-Expected US Jobs Report
After last month’s highly impressive US jobs report, which showed that the local economy had added 162,000 jobs (later revised to 133,000), all eyes turned to today’s new release, with expectations standing at 90,000 new non-farm payrolls.
However, the actual numbers were significantly lower. Data shared by the US Bureau of Labor Statistics showed a cooling market, with the actual number standing at 29,000.
The unemployment rate is up to 4.2% against expectations of 4.1% and the previous month’s 4.1% as well. Month-over-month earnings are 0.1%, a lot lower than the expected 0.3%. The same can be said about the YoY earnings, where the actual increase was 3% instead of 3.2% as expected.
Bitcoin’s price reacted immediately to the release of the new jobs report. The asset had gradually climbed to over $86,000 before it shot up by roughly a grand. However, it was stopped at $87,250 and now flirts with $87,000.
The odds for a Fed rate pause have increased to 85% on prediction markets, which is in stark contrast to the developments last month. At the time, the hotter-than-expected jobs report pushed the chances for a hike a lot higher, which later translated into an actual increase.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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