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In August, US non-farm payrolls significantly exceeded market expectations, indicating a stronger-than-expected trend in the labor market. The unemployment rate remained unchanged from the previous month at 4.1%.
At this point, the US non-farm payroll figures for August were released, and the 162,000 figure, exceeding the expected 56,000, surprised the markets.
The data released for August is as follows:
Non-Farm Payrolls Data: Reported 162k – Expectation 55k – Previous 21k
Unemployment Data: Announced 4.1% – Expected 4.1% – Previous 4.1%
Bitcoin and Altcoins Experience a Decline!
Bitcoin, which had exceeded $80,000 during the day, retreated to $79,200 after the employment figures were released.
This situation also negatively affected altcoins. The largest altcoin, Ethereum, fell by 3% to $2,450, XRP dropped by 3% to $2.4, and Solana fell by 2% to $101.
The market anticipates that these employment figures will influence the Federal Reserve’s September interest rate decision. Non-farm payrolls and the unemployment rate are among the data the Fed considers when making interest rate decisions.
Strong employment data, such as higher employment and lower unemployment, could support the possibility of raising or holding rates steady to prevent overheating, while weak data, such as lower employment and higher unemployment, could support the possibility of interest rate cuts to support the economy.
According to the data, in September, the probability of an interest rate increase is higher, priced at 60.2%, compared to expectations of keeping rates unchanged.
*This is not investment advice.