U.S. Unemployment Rate Falls 3.5%; Crypto Market Turns Bullish

According to the most recent Nonfarm Payrolls report from the Bureau of Labor Statistics, the United States added 223,000 jobs in the month of December. This was a decrease from the previously reported 263,000 jobs in November and was above the 200,000 jobs that were predicted by economists. In contrast to predictions that it would remain unchanged at 3.7%, the unemployment rate came in at 3.5%.

Signs Of No Recession Yet?

Even while economists, CEOs, and others have been discussing a possible recession, the new data confirm that there isn’t one just yet. Besides employment numbers, other economic indicators, such as consumer spending, also indicate that the United States economy is not in a recession. Despite the fact that the Federal Reserve began raising interest rates in March of last year at a pace not seen since the 1980s, the labor market has continued to be resilient and robust.

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In addition, data regarding job openings were also provided by the Bureau of Labor Statistics as part of the Job Openings and Labor Turnover Survey (JOLTS). According to the most recent data, the number of job opportunities in the United States in November was 10.5 million, which is comparable to the revised number of job openings in October. And the preliminary numbers for the layoff rate in November showed that it remained at 0.9% for the third month in a row, which is close to the record low.

Crypto Market Reaction

In minutes that followed the release of the unemployment news, the price of Bitcoin (BTC) remained unchanged at $16,750. With the headline number of 223,000 new jobs gained, the crypto market rebounded into the green zone in the past one hour, as per crypto market tracker CoinMarketCap.

At the time of this writing, both Bitcoin and Ethereum have seen a considerable increase in price over the past 30 minutes, with Bitcoin showing a rise of 0.30% and Ethereum showing an increase of 0.60%. The price of XRP, DOGE, and BNB, along with a few of the other prominent cryptocurrencies, all rose in response to the news.

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Pratik has been a crypto evangelist since 2016 & been through almost all that crypto has to offer. Be it the ICO boom, bear markets of 2018, Bitcoin halving to till now – he has seen it all.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.