Digital asset markets are experiencing see-saw movements late this week after the latest US labor report shows more jobs were added last month than expected.
The number of jobs increased by 263,000 in November while the unemployment rate remained unchanged at 3.7%, according to a new report released by the U.S. Bureau of Labor Statistics (BLS).
The number of jobs came in higher than the expected 200,000 gain, while the unemployment rate stayed as anticipated. Job creation did slow slightly from October’s revised figure of 284,000.
The report also shows average hourly earnings for all private sector employees rose by 0.6%.
According to the BLS, job gains occurred in the leisure and hospitality, health care, and government sectors while jobs declined in the retail trade and the transportation and warehousing sectors.
As markets reacted to the latest data, Bitcoin (BTC) reached a day’s high of $17,129 at time of writing before dropping by 1.4% to $16,881. The top crypto asset by market cap is changing hands at $16,971.
Ethereum (ETH) reached a day’s high at time of writing of $1,296 before dropping by 1.85% to $1,272. At time of writing, the top altcoin is valued at $1,281.
Over the last few months, the Federal Reserve has been raising interest rates at the most aggressive pace in decades as a means of countering inflation, a move that has impacted the overall markets.
The next report on economic data that has historically affected the markets is the Consumer Price Index (CPI), which is due out Tuesday, December 13th.
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Source: https://dailyhodl.com/2022/12/02/bitcoin-and-ethereum-in-see-saw-movements-as-us-adds-a-massive-263000-jobs/