en
Back to the list

Bitcoin Falls After 517K Jobs Added in January, Beating Expectations

Bitcoin

www.coindesk.com 03 February 2023 14:14, UTC
  
Reading time: ~2 m

The U.S. added 517,000 jobs in January, reported the Bureau of Labor Statistics (BLS), a huge jump from the revised 260,000 in December, and massively beating economist forecasts for 185,000.

The unemployment rate fell to 3.4% versus 3.5% in December and against forecasts for 3.6%.

Average hourly earnings stayed the same in January at 0.3% versus December with expectations of 0.3%. On a year-over-year basis, average hourly earnings fell 4.4% versus 4.6% in December and expectations for 4.3%.

Bitcoin (BTC) fell to $23,379 in the minutes after the news.

Both traditional and crypto markets earlier this week rallied after Federal Reserve Chairman Jay Powell said " [the] disinflationary process has started" at his post-FOMC press conference.

This morning's strong payrolls report once again may dash the hopes of traders hoping that a significant deterioration in the strong employment picture might have the Fed put rate hikes on hold, and even get the central bank to think about rate cuts later in 2023.


Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.



   Source
Back to the list